Show ECONOMIC highlights when the third quarter earnings reports of major industrial corporations ats first began appearing it looked as if the improvement in business had measured up to the rather optimistic estimates made in the spring by most eco economists norn now that all the lepor reports ts are out it is evident that the improvement even exceeded the hopes of the most sanguine ahe the national city bank of new york k has made a survey of the ear earnings n ings of important industrial trial core concerns e ans engaged in in every field of 0 activity these companies had third quarter net profits of almost double the made in the same period last year and their income for the first nine months totaling 9 5 was more th than ga 98 pe per cent better than the earned as net in the first three quarters of 1933 only two industrial groups coal mining and auto makers other than general motors showed deficits for f or the first nine line months this year where nine groups reported losses last year in some cases improvement was almost startling where for an instance the auto equipment people had a deficit of for the first nine months of last year they madu a I 1 net of this year and U S turned a deficit into a li goo profit there was naturally wide variation in III the degree ol of improve improvement improvement men experienced by the various industries tri es reporting the capital goods industries were 0 generally among the leaders auto aircraft paper textiles and chem nals were also well to the top gains made by food concerns were I 1 smaller and oil company profits were actually actu illy less than in the 1938 period the utilities including the railroads railroad 3 power and communication coin parties panics improved but more modestly by comparison with manufacturing fac turing industry at large taking the companies as a whole net profits were at tile the annual rate of return of 75 per cent of net worth nineteen thirty c eight agh t return was at the rate of 37 per cent and this all there is to the encouraging story business figures are telling the third quarter improvement was practically unaffected by war buying few concerns were able to fulfill war orders before the end of september when the quarter closed so the universally held outlook s that the final quarter will materially exceed the third in production profits employment gains and everything else in october for instance the federal reserve board index of industrial production hit and in booming 1929 its average was only this mean that prof profits rits are arc comparably that close to the 29 peak they are far from it due largely to lower prices and higher wages and taxes but they are arc going goi i up rapidly and the experts se seem cm to think they wont be checked unless widespread unlooked unlocked for labor disputes should occur neutral military authorities ara extremely skeptical of the persistent rumors to the effect that the big german push against the allies will be through belgium holland 0 or r switzerland their doubts are based on tactical not moral reasons A large part of holland for instance can be hooded flooded a step which has already been taken on a limited scale to a depth of about five or six feet which would make the going impossible for cither eithe mechanized equipment or sizable sizable boats the swiss have their natural defense of great mountains which have been fortified on a big scale and the swiss alpine troops are arc supposed to be unequalled unequal led and all three countries are in far bettel shape to resist invasion now than they were in 1914 A german attack against them say the experts would inevitably result in terrific losses and make the exhausted army that finally came through an easy prey for fresh waiting waiting french and english far more likely the elpe experts arts continue is the supposition that hitler plans plan to make his big push it if and when he does above the clouds and beneath the waves so far the gigantic german air fo force ace has hardly showed a wing th those ose in the know say that german naval establishments are able a ble to turn out two or three U boats monthly if the germans have any military supremacy over the alli allies es it is in these two fields and it is certainly reasonable to expect that the submarine and the bombing plane rather than a artillery artil and infantry will carry german hopes recent reports from abroad lend credence to this theory they say most of the U boats have been called home and the planes grounded deduction Is is that ships and planes are being re fitted and reconditioned for a possible big drive against allied ports cities and 2114 manufacturing centers in the meantime allied wair wai buying has started here with planes most in demand as everyone expected the plane makers are working 24 hours a day are planning ambitious expansion projects and they are getting highly Profit profitable atile prices for what they turn out the american planes for the most part seem to compare well veil with what europe can produce duce with the exception of certain secret ships manufactured in small quantity by both sides oi of which fabulous performance tales ird told federal funds are not manna arrom rom heaven they must come ul ti i from the citizens of the individual states for the simple eison eason that there is nowhere else from which ahe they Y mity may come charles A plumley U S representative senta tive fram vermont many people have taken advantage of the fine weather we have been having to 1 ay iy in their winters fuel and big woodpiles wood piles are in evidence in many yards about the city it is well that these people have done this as we cant hope to have this kind of weather very much longer |