Evening star., 1932-02-01
INDUSTRIAL TREND
i ANALYSIS IS GIVEN
Near Term Prospects in Va.
riouS Lines Are Stated
in Survey.
Special Dispatch to The Star.

1nutEdIlOIlS OF Tie Ielu III NdllOuo
divisions of industry and trade are
summarized by the Standard Statistics
Co. of New York, from its first Of
February resume of the outlook for i'm
portant lines, as follows:
Advertising indications are
that aggregate advertising, and, con-
sequently trade earnings, in the cur
rent half year will fall materially be-
low those of the like interval Of 1881.
The most favorable experience will be
recorded by large printers.
Agricultural machinery-Wtth both
domestic and foreign markets depressed
and with no marked demand stimulus
in early prospect, the present low earn
ings level of the trade is likely to be
prolonged.
Aircraft-Operations in the manufac-
turing division are severely curtailed,
while the establishment Of profitable
level of operations in the tranSporta-
tion division is not in early prospect.
Apparel-Little betterment in sales
can be expected until public purchas-
ing power can be raised substantially.
AutomobileS-A further gradual eX
pansion of operations seems probable in
early future months, although total
industry production likely will continue
to range under last years volume for
some time to come.
Automobile partS-Profts recovery
will be unusually Spotty, but certain
companies in this group should make
a materially better than average show
ing in the next several months
Automobile tireS-Aggregat produc
ton will probably range under the
similar 1881 experience for at least
some months. Severe price competition
is expected to continue, both as be-
tween the manufacturers and the large
scale distributors.
Building-A tendency toward bet
terment, especially in the residential
branch, may begin to make itself felt
next Summer but no present evidence
is found to indicate rapid recovery OF
construction activity.
ChemicalS-Only those producers
that have been able to institute i'm
portant operating economies will, as
consequence, be able to report profits
during the near term comparable to
those realized in the similar 1881
period.
Coal-Operations of anthracite pro-
ducerS during early future months, at
least, will continue at level well below
that of a year earlier. Most producers
of bituminouS are expected to continue
to operate without pTOIll.
Electrical equipment-No important
gains are likely until very definite and
well sustained improvement in general
business is well under way.
Food produCts-The producers and
distributors of package foods, dairy
products, -four and biscuits are quite
favorably situated, but bread bakers
and Gamers of fruits and vegetables
are confronted with such adverse price
conditions and, or unusually keen ccm-
petition, that profit returns in general
are inadequate, and the early future
outlook indicates no material better
ment in these depressed lines. Profits
for meat packers will continue made
Quate,
Leather-On a strictly comparative
basis. the outlook for the shoe trade
appears reasonably favorable.
Machinery-No significant expansion
of earnings is in prospect for at least
the first half of the current year.
Medicines and drugs-Current quar-
ter returns for leading companies will
probably decline not more than 10 per
cent from the relatively favorable re-
suits for the initial three months of
1881.
Metal Profits for leading
can manufacturers. at least during the
SO@-N%N-N-O
around the curtaled levels Of 1881, al
though material improvement should be
registered over the longer term.
Metals mon -ferrous) Slight profits
for the lowest cost copper producers
could be realized with only moderate
Improvement in metal demand The
near-term outlook for producers Of lead
and zinc does not indicate satisfactory
profits during the present year. Earn
ingS of gold producers will probably
continue an uptrend at the better Sit
uated mines.
: Office euuipment-With the eXcep-
ton of producers distributing largely
on a rental basis most companies
doubtless will experience extremely un-
favorable returns during the medium
term future.
Paper-Overcapacity and keen COM
petition in the news print division are
likely to strongly resist any tlrmmg
tendencies in prices. Other divisions
are continuing to experience severely
adverse conditions.
Petroleum - Profits of even the
strongest units will be unsatisfactory
during the early months of this year,
and it is unlikely that an adequate level
of returns will be attained for an eX-
tended period.
Radio-A further interval of profit
less operations is in prospect for COM
panies in this line of business.
Rail-oadS-A continued low level OF
freight traffic is in prospect for at least
the first half Of 1882.
Railroad equipment-The outlook is
not favorable for increased purchases
of locomotives and freight car equip
ment.
Retail trade-It is not believed that
aggregate dollar retail sales during
early future months will equal the to-
tails for the corresponding 1881 periods.
Shipping freight and passenger
movements during early future months
will probably continue to compare un-
favOrably with those of year earlier.
SteeI-Although the drastic price
cutting witnessed during the latter part
Of 1881 has been largely terminated,
there is little possibility Of early recoy-
cry in steel prices.
Sugar-RaW sugar quotations will
probably remain at or near current low
levels during early future months. In
the refining division competition from
beet sugar and imported refined sugars
will continue to be an adverse influence.
Textiles-Consumptio of textiles
during the current quarter is likely to
decline at least 10 per cent as compared
with the similar 1881 months.
lnedUerS-1ne mOIlOn picture AlouS-
try has entered the new year in a con-
Siderably healthier internal state than
at the beginning of 1881, but suS-
tanned profits upSwing probably must
await a fundamental general business
Improvement.
Tobacco-The cigarette producers are
In strong positions. 1t is difficult to
foresee possibilities Of any material re-
covery in cigar sales during the current
quarter.
UtiHtieS-The electric light and power
industry continues to record a gradual
decline in output and in sales Of energy
Current evidence points to no near
term recovery to the levels of year
earlier, although the average utility