Bad reading for stockholders were most of the earnings statements released last week. But bullish items were present. Compiling the first 275 statements issued, National City Bank compared the total first-half earnings with the same period last year, found a 24% drop, compared second-quarter figures with the same period in 1928, found the decline was only 3%. Interpretation: the decline in business, compared to a normal year, is not serious. Equally bullish was the statement issued by U. S. Steel's finance committee: "At this date, the manufacturing plants are operating at about 63%...
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