Deals & Developments

Automobiles in Low. A survey by the U. S. Bureau of Public Roads of 1931 registrations shows that the number of trucks and passenger cars in use at the end of the year was 731,178 less than in the preceding year, first decline in the U. S. automobile's history. Total 1931 production was 2,472,000 units. In the first half of 1932 911,957 cars and trucks were turned out and the year's total may not run over 1,500,000. Indicative of the low state of the industry was General Motors earnings statement issued last week. For the second quarter, usually the year's best, G-M earned $5,326,377 or 7-c- a share against $9,693,027 or 17-c- a share in the preceding quarter and $55,122,767 or $1.22 a share in 1931's second quarter. The half year earnings of $15,019404 compared with $84,122,176 last year. For the second quarter of 1932 Chrysler Corp. last week reported earnings of $1,186,053 against a $2,066,485 loss in the preceding quarter, $3,231,963 profits in 1931's second quarter. The half year results were a $880,432 loss in 1932 against a $2,252,036 profit in 1931's first six months.

Catalog. Into the mails last week went 7,000,000 new Montgomery Ward & Co. mail order catalogs. The book has 606 pages, lists 40,000 items. Prices average 18-25% lower than a year ago. Chief catalog change is that the book is divided into eleven departments which arrange goods as a department store would. This change is attributed to President Sewell Lee Avery, is considered a tremendous innovation by mailordermen. Said President Avery last week: "The economic principles of selling by mail are as sound and acceptable today as when this business was started 60 years ago." Last week the company reported a second quarter deficit of $726,002 against a $2,541,733 deficit in the preceding quarter, $407,706 profit in 1931's second quarter. Half year results were a $3,267,735 loss in 1932 against a $1,375,968 deficit in the same period of 1931. Japan's Copper. Next to coal, copper is Japan's most important mineral. Sales at home practically halted by the completion of electrical developments, Japan in the past three years has turned to exporting copper again. Last week Japanese copper upset the European market, knocked the price of copper to a new low of 4.55-c- per lb.

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