Index

Up to last week no improvement in business for 1932 was evident. Much hope was felt throughout the land that easing the banking strain and prompt Ford production might prove to be stim- ulants.

A comprehensive review of 1931 earnings, based on 900 reports, was issued by National City Bank. It found them off 52.9% from 1930, 72% from 1929. Deficits were reported by 39% of the companies. Chain stores, tobacco and shoe companies fared better than in 1930. Total earnings were a return of only 3.3% on net value.

Three important 1931 earning statements were made last week. American Telephone & Telegraph reported that it made $166,666,000 against $165,544,000 in 1930. After $9 dividends this left an addition of $3,078,000 to the surplus of $26,306,000 of the year before. Per share earnings on the average number of shares outstanding was $9.05. General Electric made $40,956,000 against $57,490,000 in 1930, reduced its dividend from $1.60 to $1. Coca Cola last year advertised more than the year before, sold slightly less of its product but had record earnings of $14,023,000 against $13,515,000 in 1930.

Bank failures continued to dwindle (see p. 15). The toll for the year's first two months was 494 suspensions of which 370 occurred in January.

Carloadings continued a good 19% behind last year. For the last week in February, however, they were up 10,000 cars from the preceding week.

Electric power production for the same week was 7% behind last year. Despite Depression, 1931 farm electrification gained 8%.

Steel operations continued at half of what they were a year ago, 26% of capacity. Some railroads began to buy rails.

Bradstreet's price of food index dropped from 1.81 to 1.79 during the week, compared to 2.35 a year ago. Copper reached a new low of 5 1/4% and then rallied on the hope that a further curtailment agreement might be reached. Cotton held its recent gains. Exports for 1932 were ahead of 1931 last week.

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