REDUCED PROFITS

Evening Post, Volume CIX, Issue 4, 6 January 1930, Page 12

REDUCED PROFITS

. SET-BACK IN MOTOR TRADE After a record-breaking period of activity in the early part o£ the year, the United States motor-vehicle manufacturing industry received a sharp^setback in profits at the close of the tMrd quarter "of 1929. Dealing specifically with' that trade, the National City Bank o£ New, York noted that as late as mid-October the output of motor-vehicles had equalled the record total output of 1928, namely, 4,358,000 units, and it -was expected to reach 5,600,000 vehicles before 31st December. Practically all the increase for 1929 was accounted for by the Ford Company, which in the first nine months of 1929 produced aproximatley 1,633,000 vehicles, including its Canadian output, as contrasted -with 466,000 units for the first nine, months of 1928. Net profits of sixteen other manufacturers for the nine inonthg of 1929 were 90,853,000 dollars compfred with 111,127,000 dollars for the corresponding period of 1928—a decrease of 38 per cent. Motor parts and accessories manufacturers showed better returns; nineteen petroleum companies showede 46 "per cent, more profit for the nine months, '■with 15 per cent, increased consumption. Decline in the steel industry was attributed to slackening off in automobile production.