Business & Finance: Zoom

U.S. laundry owners announced 10% increase of family business in 1928, predicted a billion dollar laundry industry in 1930. Thirty chain store systems showed February 1929 sales increasing 24% over February 1928. Cigaret output last month was half a billion greater than for last February. Copper hit a new high of 24¢ a pound. Automobile makers set a February record of 466,084 motor cars, more than 4,000 increase over August 1928, previous record month. Pittsburgh steel mills are running at 95% of capacity and March is expected to be a record-breaking month for steel production. Oil production was reduced by 40,000 barrels (week ending March 16 compared to week ending March 9). U.S. industry zoomed along at high speed, threatened many an earning, sales and production record.

Last week’s exports of pork, lard and meats were 13,216,000 pounds against 3,296,000 pounds for the corresponding week of 1928. Reports from U.S. railroads (over 240,000 miles of road) showed January net earnings of $117,730,186 compared to $94,151,973 in January 1928. Averages compiled by Ernst & Ernst, accountants, showed that 1,042 corporations enjoyed 1928 profits 17.19% greater than in 1927.

And then, on Tuesday, March 26, came the biggest stock market crash in Coolidge-Hoover history (see p. 56).