Index

During January the stockmarket went from an index figure of 60 to 70.8 and then came down again to 62.6. The first week of February it proceeded lower. But on Feb. 9 it was still fractionally higher than the low point, Jan. 5.

Commodity prices were the week's gloomiest news. Sugar sold at an all-time low of 1-c- a Ib. when Cuba's crop was estimated at 3,061,000 tons, about 800.000 more than expected. Copper sold at 6 7/8 for export, a record low, while domestic sellers offered it at 6 1/4, equal to the bottom price, and one offered to throw in 50 shares of Anaconda or Kennecott with each 1,000-ton purchase. Rubber (of which there is reputedly a 16-month supply in the U. S.) plunged through its old low of 4.1^ per Ib., when the February delivery sold at 4-c-.

Steel production for January showed the first substantial gain since September. Output equalled 1,461,000 tons, an increase of 12% over December. Mill operations averaged 26.5% of capacity compared with December's 23.5%. Meanwhile U. S. Steel Corp. chose last week to offer 200,000 shares of common stock to employes at $40 per share. Last year the offer was at $140, in 1930 at $169, highest on record since the installment plan buying started in 1909. As employes are protected from loss the offering is usually oversubscribed.

Automobile output for 1931 equalled 2.389,000 cars, trucks, cabs compared with 3,355,000 in 1930, 5,358,000 in record-breaking 1929. In January 1932 estimated production of 129,000 cars showed a decline of 24% from last year.

Carloadings for the week ended Jan. 23 totaled 562.938 cars, a decrease of 10,338 from the week before, 152,536 lower than last year. All products shared in the decline except lumber, ore, grain, merchandise in less than carload lots. Despite this railmen were not discouraged. During the week they had time to figure out what last fortnight's 10% reduction would mean to them even on present small payrolls. Pennsylvania Railroad will save about $20,-000,000, New York Central $17,500,000, (See col. 3) Union Pacific $7,000,000, Southern Rail way $5,000,000. Big as they are, few roads will be able to translate these huge sums into dividends. Depleted treasuries must be restocked to safeguard bond interest. Rolling stock and right-of-way must be better maintained.

Electric output for January's last week totaled 1,588.000,000 kwhr., a decrease of 5.8% from 1931. Previous week it had declined 6.7%.

Oil production ran at a daily average of 2,168,935 bbl., an increase of 11,305 over the week before. Latest export figures showed December shipments at 87,000 bbl. daily, lowest since 1925.

January failures were highest on record : 3.065 firms went under with liabilities of $266,172.000. Banks accounted for 290, tied-up deposits of $145,700,000. In receivership within the past month or with petitions pending were Ground Gripper Shoe Co., Long-Bell Lumber Corp. (TIME, Feb. 1 ), Western Steel Products, Ltd.. Ari zona Edison Co., Cuban Dominican Sugar Corp., Spreckels Sugar Corp. (TIME, Feb. 1), Cincinnati & Lake Erie Railroad Co., Multicolor, Ltd., Hamilton Gas Co., Hudson River Navigation Corp., Piedmont Utilities Co., American Equities Co., Texas-Louisiana Power Co.

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