Show LOOK AT BUSINESS Trends of Industries as Indicated Indicated Indi Indi- by Standard Company Company Com Corn pany Survey Current indications of the trend in L various divisions of industry and L trade arc are summarized by the thc Stand Standard ard Statistics company of New York from Its it first of February resume of the outlook for important lines as follows Agricultural machinery With machinery machinery Wih With both bolh i domestic and foreign markets depressed de pressed and with wih no marked demand I stimulus in early eary prospect the thc present present pres ent low earnings level of the trade is likely to be prolonged Aircraft Operations Aircraft Operations in the thc manufacturing manufacturing manu manu- division are severely curtailed curtailed cur cur- tailed while the establishment of a profitable level of at operations in the thc transportation division is not In earl early prospect prospect Apparel Apparel Lite Little Apparel Little betterment in sales can be expected until public purchasing in ing power can be raised substantially Automobiles Automobiles-A A A further gradual expansion of operations seems probable probable able in i early future months month although total industry production likely will vill wi continue to range under last years year's volume for some time to come Automobile parts Profits parts parts Profits recovery will wi be unusually spotty but certain certin companies in this group should make a materially better beter than average showing in the thc next several months Automobile tires tires Aggregate Aggregate tres-Aggregate Aggregate pro pro- probably range rance under the similar 1931 experience for at least east some months Severe price prie competition o pett on is exp expected to continue both Doth as between the toe manufacturers and the large scale distributors Building Building Building-A A A tendency toward betterment bet bet- especially in the residential residental branch may begin to make itself Itel felt fel next summer but no present evidence Is found to indicate a rapid recover recovery of construction activity Chemicals Only Chemicals Only those producers that have been able to institute important im important port nt operating economies will wi asa as asa asa a consequence be able to report profits prof proC its It during the near term comparable to those realized in the similar 1931 period Electrical equipment equipment No No important tant gains are arc likely until a very definite definite nite nie and well sustained improvement in general business is well wel under way Food products The products The producers and ad distributors of package foods dairy products product flour our and nd biscuits are arc quite favorably situated but bread bakers and canners of fruits fruit and vegetables are confronted with wih such adverse price prIe conditions and unusually keen competition that profit returns in general gen gen- eral cral are arc inadequate and the thc early fu future fu- fu ture outlook indicates no material betterment in these depressed lines Profits for meat packers will wi continue inadequate Leather Leather On On a strictly comparative basis the outlook for the shoe trade appears reasonably favorable Machinery Machinery No No significant expansion expansion sion of earnings is in prospect for at nt least the first half ha of the current year Medicines and drugs drugs drugs quarter returns for leading companies will wJ probably decline not more than L 10 per cent from the thc relatively favorable favor able results result for the initial three months of 1931 Iet Metal 1 containers Profits containers containers Profits for le leading lead d. d ing can manufacturers at least dur duro ing the earlier earler part of 1932 will wi con around the curtailed levels o of ol 1931 although material improvement should be registered over the thc longer term Metals nonferrous Slight nonferrous Slight profits for the lowest cost copper producers could be realized with wih only moderate improvement in metal demand The term near outlook for producers o of lead and zinc does not indicate satis factory profits during the present year Earnings of or gold producers will wi I probably continue an at the better situated mines Office equipment With equipment equipment Wih With the tion ton of producers distributing largely largel on a rent rental l basis basi most companies doubtless will wi experience extremely unfavorable returns during durig the thc me term future Paper Paper Overcapacity Paper Overcapacity N and keen competition in the newsprint division are likely to strongly resist any firm ing tendencies II in prices Other divi are continuing to experience severely adverse conditions Petroleum Profits Petroleum Petroleum Profits of even the strongest units unit will wi be unsatisfactory during the thc early months of this year yer and it i is i unlikely that an adequate level of returns will be Q attained for an extended period Radio Radio Radio-A A further interval of profit less operations j is in for profi mm rom panics in this thi line Uno of f b business sies Railroads Railroads Railroads-A A A continued low level of freight traffic is in i prospect for at least the first half hal of 1932 Retail trade trade trade-It It is not believed that aggregate dollar retail dolar sales during early early future months will equal the totals for tor the corresponding wi 1931 ro nods I pe Pc Steel Steel Although Although the Steel di price pric cutting witnessed during the thc latter latte part of 1931 later has been largely rusted there is little te possibility o ot of early recovery in li-i i steel prices Sug Sugar Sugar Raw Raw r-Raw Raw sugar quotations probably remain will wil wU at or near current ent low l ow levels during early future months from In the j- j beet boot refining sugar it and division imported J. J com competition p refined uon sugars will wi continue to be I an adverse during Textiles Textiles Consumption the Tr current Consumption nt r quarter of is textiles cs to decline nt at least 10 liely likely leist per cent as com pared with the similar wih 1931 moh months Theaters The has entered motion moton the thc picture industry in in- n new year in a considerably healthier internal st than at the thc state te beginning of 1931 but a sustained profits ups Upswing probably must await a 6 fund fundament l business improvement Improvement general Tobacco The Tobacco The I in n strong positions It I producers i is difficult difficult are irn to io foresee possibilities of ot any ally material material rent recovery quarter in cigar sales during the current cur cur- Utilities The The electric light and power industry Continues to record gradual rr dual decline decle in output and L in sales a 6 of energy Current evidence points point to lo no near term poInt recovery to the thc levels of a year Ar earlier earler although the average aver aver- average age utility company probably will wl be successful in retaining between 90 and ad 95 per cent of its is gross cross business volume Sales of manufactured gas I I s should hould continue on a virtual parity parity with wih 1931 1931 Profits of telephone companies com com- p probably bly will wi be moderately s smaller maller It I is unlikely that any real im improvement im- im p provement will wi be apparent in the p position of telegraph and cable com corn companies p until there is a i substantial q quickening of trade activity in i many maj i important lines Jnes |