Milford chronicle., 1936-05-08
ECONOMIC HGHLIGHTS
Hatbug That A6ea M Dinner Pab DdeHd CA and Bills of
EVTy Individual; International PrOblsmS
IHeparabk from Local Wetare

Commentators who have been say
ing that the President would prob
ably take a conservative line" in
his 1886 campaign. were puzzled at
his recent speech to young Demo
Gratis.
Main idea of the speech was that
industry had failed in its obligation
to workers. could offer them nothing
worth while. Captains of Industry
took a hard verbal heating. mixed
with sarcasm from the President.
Result: Chances are that Mr.. RoOse-
velt's bid for reelection will be
based largely on continued attacks
ON big business" And. because of
Senator BOrah's rather poor primary
showing. il now looks Os il the Re
publican candidate will be cOnserva-
tive. thus creating a definite cleavage
between candidates.
Two elements must be considered
in appraising industrial recovery:
The first is Output-hOw much more
OF an appetite for goods and services
has the public developed. and is it
able to pay for? The second is earn
ings-after all the expenses of car
rying ON operations are paid. what
is left for the owners of industry?
During the early stages of the re-
cOvery movement. improvement was
largely confined to output. Many inn
pOrtant industries were selling much
more, but were earning little more.
During the recent stage. with the re-
cOvery movement well advanced.
are becoming better retlec-
tors of production and sales. How
ever, as even a cursOry survey of
reports will show. in
dustrial managements are far from
satisfied that earnings are as sub
stantial as they should be. in the
light of production.
An accurate and inclusive survey
Of earnings record has been made by
The STAFF of Business Week and ap-
pears in a late issue Of that publica-
lion. The tabulatiOn compares 1885
with 1884 experience, and includes
| ,43S companies, which should ceF-
ainly give an excellent cross section
If all industry. Interesting and sig
lificant fact is that principal inn
has occurred in the capi- |
al goods field, which took the worst |
,eating during depression. Machine /
y industry's earnings. for example. |
we're 422.1 per cent better in 1885 /
han in 1894; electrical equipment I
vent ahead 251.9 per cent; steel and /
ron went from a $4,000. 600 deficit
nto a $4,000. 900 profit.
AS anyone could guess, motors and
elated industries Jared much bet
er. Automobile earnings rose 1855
er cent: automobile accessories,
43.3 per cent; oil, 1861 per cent.
Smallest increases tended to be
to the consumer goods field.
)rugs and toilet articles, for in
lance, earned but 3 per cent more:
pods. 4.6 per cent more; merchan-
ising. 81 per cent more.
Modern betterment occurred In the
eTvice industries. Eleven telephone
nd telegraph companies surveyed
lowed Improvement of 24.S per cent.
nd 80 gas and electric companies,
z per cent. Railroads still showed
deficit for the year OF $2SS.O but
lis marked a good loss reduction
'Om~ 1884. when the deficit Of the !
lass lines was more than $29,-
10000.
Average earnings improvement for
! l,4SS corporations was 80 per
mt.
So much for the bare statistics.
hey don't tell the whole story by a
ng shot, according TO most indus
ial executives. Il is obvious that
! industry might earn 500 or 5000 Z
N cent more and yet not have a {