Indices v. Earnings

John Businessman last week enjoyed reading his second big batch of third-quarter earnings reports, nearly all of them pleasing, and again had the headache of seeing most important indices of business declining. Freight car loadings fell off 13,800 cars to only 3.1% more than the same week in 1932. Electric power production tapered off from 5.9% to 5.8% above a year ago. Steel operations fortnight ago at 26.1% of capacity, fell to 25.2%. In October stock prices on the New York Stock Exchange had fallen 9%. Stock Exchange seats were priced at $95,000, down $5,000 from the week before, $155,000 from booming June. Far more comforting to John Businessman were his earnings reports, including:*

9 mo. 1933 9 mo. 1932 (ooo omitted)(ooo omitted) Allegheny Steel ....$303 $8260 Crown Cork & Seal. 971 247 General Foods 9,578 10,339 American Rolling Mill 312D 1,821D Remington Rand ... null 1,301D Bendix Aviation .... 1,096 367D U. S. Steel 28,0740 54,542D General Outdoor Advertising QiQD 1,6970 National Steel 2,569 1,308 Coca-Cola 8,342 8,802 The Bureau of Railway Economics reported the net operating revenue of 149 Class 1 railroads for the first nine months up to $340,000,000 from $197,000,000 a year ago. Whereas most oil companies did not show nine-month improvement over 1932, most of them showed better profits for the third quarter than for the second quarter of the year: Third Second

Quarter Quarter

(ooo omitted) (ooo omitted) Phillips Petroleum. .$1,629 $3,1440 Colonial Beacon.... 123 92?O

Skelly Oil 1,010 8700

Plymouth Oil 199 65 D

*And particularly comforting to the holders of General Motors Corp.'s 43,000,000 shares of stock was the 25-c- extra dividend declared last week.

/-For six months.

This file is automatically generated by a robot program, so reader's discretion is required.