| Show WH HATS HAT'S rs OUTlOOK Of YOUR BUS BUSINESS I N E S S Standard Statistics Analyzes Prospects of Industrial and Trade Groups Current Indications of the trend In various divisions ons of industry and antI antItrade trade are summarized ay ny the Standard Stand Standard ard Statistics company of ot New York from Its first of August Augus resume of 01 the outlook for Important t lines Unes as follows Agricultural machinery Recovery machinery Recovery from the thc present low level of sales and earnings will wUl lag perceptibly behind be bc hind blind the next cyclical upturn of or general gen gen- cral eral business Aircraft Aircraft Sales Sales and earnings of practically all manufacturing com con panics will wUl be materially curtailed during the near term Apparel Aside Apparel Aside from front the hosiery division where large stocks are a restricting factor the industry should hould experience continued comparative comparative com Improvement during the balance of ot the tile current year Automobiles Third Automobiles Third quarter returns returns re reo turns In most Instances will be bo of slight proportions and full year profits will be somewhat under the i 1930 showing I Automobile parts The parts The current quarter undoubtedly will show only slight profits for tor or the trade in itt gen era eral Automobile tires tires The Tho apparently Improved competitive conditions now prevailing lead to ro the belief belle that thata a 3 period of oC generally mere more tory earnings is imminent for the casing Industry The Tho complicated problem of distribution methods however remains as an uncertain factor in III the longer term outlook Building The Thc The third quarter promIses prom a better relative record for the Industry than has been witnessed in either preceding three month period of the year Chemicals Important Chemicals Important operating economics effected will permit chemical chem ical earnings generally to continue their relative favorable comparison with aggregate industrial expansion Coal A Coal A gradual expansion in demand de de' mand for bituminous is ts looked for together with a a. moderate show of strength in prices Tile The outlook is less Jess favorable in the anthracite field Copper Earnings Copper Earnings of oC even the low cost producers will probably be highly highby high high- ly by unsatisfactory during the re reo of the readjustment pe nod Cotton goods goods Although Although a a. further expansion of oC demand is probable over tile the remainder of the year the prospect prospect pros pros- for tor operating profits is 15 still relatively unsatisfactory due to the price situation on finished fabrics Electrical equipment With equIpment With little littIe current evidence e of oC quickening demand de mand third quarter earnings of leadIng lead Ing units can be but moderately aided aided aid ald ed by the tile efforts which all com corn panics have made to reduce expenses ex cx- Fertilizers Fertilizers No No marked gains in hi demand demand de de- de mand for plant foods can be expected until fall talI planting preparations get under tinder way in the northern states Food products other than meat Aggregate sales utes volume is being maintained at practically normal levels lc and In a few instances 1931 profits will wUI exceed those of last year car carThe The recessions which occur will be beof beof beof of only moderate proportions Household products Sales and profits in this industry which contains con conS man many diverse lines JInes of ot products will continue to show a a. decidedly mixed trend under prevailing con Lead and zinc zinc zinc-It It Is expected that Intermittently higher prices for both metals will be witnessed before the end of the current year Leather The Leather The large shoe manufacturers now are operating at or near capacity and trade reports suggest that present schedules will be adhered to for another two months at least A Machinery A slowly increasing volume of purchases is expected dur duro ing big the balance of the year jear which will bring total sales b by the fourth quarter above the levels of the tile same period in 1930 Meat packing packing packing-In In general earn cam Ings prospects for the current fiscal year jear are ate not satisfactory with even companies which have succeeded In stabilizing earnings to a large arge degree degree de de- de gree during recent years likely to report re re- port a sized fair recession for 1931 1031 Office equipment equipment Definite sion slon in sales of ot office and business equipment is unlikely until genera general business Is in an advanced stage of ot recover recovery Paper Paper Only Only in the tissue paper division di vision have sales b been n maintained at favorable levels Petroleum V While h I I e sentiment throughout the Industry is beginning to Improve an extended period of time will probably be required before the movement toward reduced out put and the restoration of oC higher crude and refined prices can be trans trans- bated Into a material enlargement of profits proms Radio The RadIo The best can be expected for Cor the tile full year 1931 Is that nest radio and tube concerns will report smaller losses than were Incurred I last year Railroads The Railroads The earnings outlook Ls is unsatisfactory for nearly all roads over the next few months and espe daily so for tor the northwestern carriers car ear ners I Railroad Current equipment re- re of operations during the first year half and oro over the re reo of 1931 indicate that earn cam Ings for most railroad equipment Companies will be severely sc curtailed for the entire year jear Rayon The Rayon The current rate of ot rayon consumption compares favorably with that of this tills time last year rear but the price cut made In January has virtually eliminated profit margins for the majority of or producers Rc Retail n trade trade Variety chains and those larger or organizations offering outstanding values are the best relative showing and should Continue to do so during the remain der of the year ear Grocery chains will I e probably continue to realize l e favorable sales and arid profits Steel The Steel The steel price structure is still unsettled and the best that can cane be e expected during the next few months Is that some degree of price stability will be he registered Sugar Sugar Some Some improvement ement in the operating results of oC American sugar beet companies may bo witnessed in inthe Inthe inthe the event that sugar prices continue to 10 display firmness Refining com panics are expected to ro report leport substantially sub sub- curt curtailed profits for the tile year ear late a substantial sub sub- Theaters Theaters-B Theaters Theaters-By By summer seasonal improvement of appreciable ap ap- ap benefit to earnings should hould materialize This more mere favorable trend should bene benefit tit practically all the leading companies in the trade Tobacco With Tobacco With advertising appropriations appropriations appropriations continuing of oC record proportions pro portions and at the same samo time broad broad- the consumer appeal It is 15 be believed that the tile industry this year ear will approximate its 1930 sales aggregate Utilities WIllIe Utilities While it is probable that both production and revenues will continue below 1930 levels le during August August Au Au- gus gust and September evidence at hand denotes the tile possibility of ot more fa favorable comparisons under the influence Influence In in- fluence of fall fill business expansion for electric companies 1 More favorable results are expected for tor natural gas companies during the fall months Earnings of telephone companies have e been maintained through a J. drastic dras tic curtailment of oC operating expenses and nd indications are that the level of profits will be preserved during the near Ilear term While business recovery doubtless would relieve the present burdens of the traction companies to some extent ex cx- tent permanent alleviation of or the chronic Ills 1115 of this division is not in prospect i Wool Wool Reductions Reductions In cloth prices have largely larget offset economies fro from increased activity and most mills are arc still operating at a loss |
