First Quarter

It does not strike very close to home to tell the average U. S. citizen that commodity prices are at 50% of the 1924-26 norm (Dow-Jones). Index figures always seem a little theoretical. Last week, however, the public had plenty of opportunity to be impressed as dollars & cents first-quarter reports for many U. S. businesses put Depression in terms that anyone could understand. With the exception of a few fortunate industries, the figures were unanimous in showing that business has taken a tremendous beating in the first three months of 1938. Samples:

First Quarter Durable Goods 1937 1938

Republic Steel $5,567,003 d$3,062,564

Libbey-Owens-Ford Glass.. 2,020,985 d 371,527

General Electric 11,626,408 7,075,739

Railroads

Chesapeake & Ohio 8,277,429 2,505,805

N. Y., Chicago & St. Louis. 965,953 d 1,036,663

Building

Johns-Manville 1,021,919 d 239,475

U. S. Gypsum 1,411,622 688,348

Chemicals

Du Pont 16,013,346 9,060,602

Monsanto 1,333,854 639,531

Utilities

American Tel. & Tel 53,597,104 36,242,620

Commonwealth & Southern. 4,547,314 3,106,498

Food

General Foods 4,089,988 3,375,727

Beech-Nut Packing 558,568 522,872

Cinema

Twentieth Century-Fox ... 2,067,599 1,641,537

Textiles

Industrial Rayon 468,004 d 118,939

d=deficit

Those concerns which showed little or no effect of Depression were largely concentrated in oil, aviation manufacture and broadcasting. Samples:

Douglas Aircraft $237,351 $105,771 Columbia Brocasting 1,319,126 1,494,980 Tide Water 3,328,303 3, 270, 264 Union Oil 2,200,000 2,300,000

Reporting sorry figures to its stock-lolders, many a company took occasion to snap at the Government. Tartest comment was provided by Chairman Edward Joel Cornish of National Lead Co. When le blamed the New Deal for a 30% slump in National Lead business, a stockholder piped up to ask: "If you disagree with President Roosevelt, have you anything to offer except to go back to where we were?" Retorted Mr. Cornish: "When I get lost that is what I try to do--go back to where I started from."

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