Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-02

and below any corresponding week since
1922. Loadings of all commodities eX-
cept merchandise in less than carload
lots and live stock recorded improve
ment compared with the week previous.
Shipments of grain and grain products
were the largest on record. Geograph-
ically, the Southwestern region con-
tinues to make the best showing COM
pared with year ago, while results for
the Allegheny region are the poorest.
July earnings statements published
during the week in a number of in
stances showed the effects of reduced
operating and maintenance charges.
Net operating income of the first 70
roads reporting was 32.4 per cent
smaller than year ago, while June net
for all carriers fell BAL per cent and
May 1872 per cent If the heavy nom
recurring retroactive mail payments
credited last year were eliminated from
the June and July returns, a substan-
TALLY better showing would result.
Petroleum Industry.
Latest figures from the petroleum in
dustry are mixed, with gasoline stocks
showing another large reduction, but
crude oil output expanding moderately.
The statistical position of this industry,
for the moment at least Is in the most
healthy state attained this year. Pro-
duction of crude is averaging around
100000 barrels daily, the lowest point
reached since 1928, and with proration
in all active territories throughout the
country stocks are being moderately re-
duced In the refining division also
runs of crude have been cut, and heavy
Withdrawals from gasoline storage have
reduced stocks to the lowest since De-
/ cember last year. While the dangers
surrounding the voluntary nature OF
production are still present. the ma
! jority opinion in the industry points to
continued adequate restriction during
/ the near future. Despite this more
promising situation, through balancing
supply with demand, reflection in an
| improved price structure has been en-
! tirely lacking. Gasoline quotations nave
been under constant pressure, and cur
rent levels are we'll below both the high
for 1880 and prices prevailing year
ago. Under these adverse conditions
profit margins, particularly in the ref1n-
ing and marketing fields, are extremely
narrow, and 1t is becoming increasingly
apparent that earnings of the great
ma jority of oil companies for the full
year will be distinctly disappointing.
Electricity Output.
Electricity output in week ended Au-
gust % registered an increase of OF per
was less than normal seasonal expecta-
lions. Compared with the 1929 week to-
tai was 2.8 per cent smaller but 6 per
cent above 1928 period.
Building contracts awarded in week
August % as reported by F. w Dodge
Corporation averaged $l7,769.967, a
moderate increase over average in re-
cent weeks.
Automobile production. which in July
reached the lowest levels SO far this
year, has been gradually increased since
reopening of the plants, but present
levels are well below the rates in force
before the plant shutdown. Demand for
cars is currently at low ebb, and but
moderate expansion Is expected during
the Fall months. Business remains on
an extremely competitive basis and
profit margins, in most cases. are
! Slight. Returns of 10 representative
manufacturers during first half showed
! contraction OF 48 per cent compared
. with 1929 period; excluding Genera
Motors, earnings recession amounted tc
r "a per cent.
RI st. Louis-san Francisco Railway los,