Index

Few businessmen will regret the end of 1931. Still fewer could look on the state of trade & finance last week with anything but thanks that this December was half over. October opinion was that business was "scraping bottom." Since then, bottom has sunk lower. Unfilled tonnage orders of U. S. Steel Corp., industry's major barometer, declined in November to 2,933,891 tons, off 185,541 tons from October, 9,250,000 tons below the record peak of April 1917. It was the first time since 1910 that these orders had gone below 3,000,000 tons.

Carloadings for the week ended Nov. 28 (last reported), amounted to 558,807, a decrease of 94,696 from the previous week, 142,243 off from last year.

Net operating income for 171 Class I railroads for October, last figure available, equalled $64,020,077 against September's $55,318,586 and $112,386,243 in October 1930.

Building permits in 215 cities in November amounted to $57,603,223 against $76,589,466 in October, $113,316,967 last year.

Cotton consumption held steady at 462,025 bales compared with 463,704 bales the previous month, 433,284 a year ago.

Crude oil output for the week ended Dec. 12 was 2,449,850 barrels, an increase of 29.750 barrels over the preceding week, 220,600 above the same week last year.

New bond financing was $16,629,000. all domestic, against $19,400,000 domestic the week before, $17,412.000 domestic and $4,000,000 foreign a year ago.

Lumber production was at such a low level that orders exceeded output by 19% for the first week in the month.

Federal Reserve System ratio of gold to notes and deposits rose last week to 66.1% from 65.6% the week before, was still well below the 79.2% of the corresponding time last year.

Stockmarket averages (Dow-Jones) closed last week in new low ground for the bear market: industrial at 79.63, rails 35.09, utilities 32.91. This was approximately the level for industrials in 1913 and 1914 before the War closed U. S. exchanges.

Sugar sold at a new low level since the Civil War, Cuban raw bringing only 1-c- per lb.

Wheat & corn were steady, bewildered traders by not following down with stocks & bonds.

Most cheerful reports in industry came from the retail trade where normal seasonal buying was in progress and from several equipment companies which got good orders for locomotives, air brakes, couplings.

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