Show WEEKS EVENTS IN BUSINESS Poor Earnings of Steel Companies Companies Com Corn Have ing Influence By RICHARD L. L 1 GRIDLEY United Press l Financial Writer Wrier NEW YORK Jan Ja 30 Business 30 Business men followed the railroad wage tons at Chicago this week hoping for agreement on some ome plan that would restore railroad credit and permit r re resumption resumption of normal purchases of oC supplies sup ples plies and equipment The steel industry believed that tat a 10 per cent railroad wage reduction would bring considerable buying b by bythe bythe the carriers the industry's best cus eu tomer Automobile demand has been bee l light ht Economists continued to watch for matlon mation of or the administrations administration's 2000 reconstruction finance corporation corporation cor expected to t go far In economic stress when It i ge gets ets into operation in I another week It I i Is expected that operations will wi broaden broad en out to take over those thoe now bein being conducted by the National Credit co eor cor a a a cooperative bank credit aid organization formed fored last fall talL The 1031 e earning ring statements statement made mad public last week generally made poor poo reading for stockholders The Te United States Steel corporation report showing the preferred divi div dead only half haf earned eared last year yea served to unsettle confidence Moreover More over directors slashed the first qua quater quare ter common payment ment to 50 cents against 1 paid In ill the previous quare ter Bethlehem suspended common commo payments payment and report reported d an nn even small smal smaller smal er comparative profit prof for 1931 1931 Pennsylvania railroad directors director o ordered or- or dered the re regular quarterly dIvidend of or 50 cents cent a share sharo and held that future fu ture lure dividends arc are contingent upon fut future re business War talk from the Far East created create scarcely a n stir str in business circles cIrces no not American investments investment of in Shanghai Federal l reserve authorities eon coi con to proceed slowly In their easy money policy to aid business despite the threat of heavy foreign withdrawals with with- wih of ot gold Rediscount rates a at both Richmond and Dallas Dalas were reduced re to 3 2 1 per cent Second in importance only to th the railroad wage ne negotiations the an of a 25 2 per cent wage cu cut Mav May 1 bv by the New Nw York Ru Trade a tion w wc considered particularly ton C ron sig sit The building industry on one of the lar largest est in the country countr Is on one field el where failure to costs cost and has been most pronounced pronounce A similar cut was eon considered a at Cincin Cincinnati t Tic This has restricted muc much needed construction |