Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-20
Corporation News

NEW YORK, January 20.-The fol-
lowing is today's summary Of important
corporation news prepared by Standard
Statistics Co., Inc, New York., for the
Associated Press:
The stock market during the past
week was again dull affair. Turnover
on two days dropped below the 1000, ooo-
share mark, while movement of prices
continued within narrow limits in
| either direction. Since the beginning
of the year Standard Statistics price in
dex of 90 representative stocks has
moved within a range of 81 points.
New issues of bonds reached the highest
total in any week since the war period,
the total being $306, $4,000.
This heavy offering resulted in
slightly lower prices for prime securities
on the listed market, indicating some
switching into new securities may have
taken place; second grade issues were
generally lower
Brokers loans showed an increase Of
$13, 100000 from the previous weeks
figure, making total of So, 365 900 900
outstanding as of January Is. These
figures are So, 439 100000 below the
high record reached on October 2, 1929,
and $37,000,000 above the low point of
1929, on the present movement. Loans
for New York City banks declined $685.
100000 and those for the account of
others $6,000,000, while out-oftoA
banks increased their lendings by $751;
100000. Call money ranged between
and Az per cent during the week.
The outstanding change in the Fed
ment was the reduction of SIPS. 100000
in holdings of discounted bills: total
bills discounted on January Is we're the
smallest since February, 1928. and
amounted to $442, 1866 Federal Re-
serve note circulation declined $54 $780,
600, while cash reserves increased S49,-
400 900. Reserve ratio advanced to 1854
per cent. compared with 72.9 per cent
in the previous week and 81 per cent a
year ago.
Trade and industrial reports making
their appearance during the week were
mostly unfavorable, though moderate
improvement in the steel industry was
in evidence. Ingot production advanced
to Sc per cent of capacity, compared
with SO per cent in the preceding week
and 80 per cent during the holiday sea-
son. In the like week year ago pro-
duction was at 83 per cent. The United
States Steel Corporation operated at 81
per cent an increase of per cent over
the previous week, but decrease OF ID
per cent from the like week of 1929.
Despite the present recession in the IN
dustry and the recent price cuts in sew
eral classes of Steel SentimentNis at a
high level
Specifications from the automobile
industry have been disappointing, but
railroad orders are holding up well and
indications are that building trade de-
mand will be larger than in 1929 and
will at least partly offset the falling off
in specifications from the motor in
dustry.
Copper metal statistics for December
indicated a further addition to stocks.
Production of refined copper by North
and South American producers for the
month totaled 138,203 tons. shipments
amounted to 93802 tons, unsold metal
gaining 44,401 tons in the month and
increasing the stock of refined copper
on January /, 1880, to I'll, 800 short
tons. the largest supply in several years.
Copper above ground to blister stage
and beyond amounted to 436984 tons, a
gain in December of 81 1873 tons. These
increases reflect the consumers present
policy of buying for immediate needs
only.
How long this policy will be MAIN
tanned is difficult to foresee, but it is
unlikely that buyers will enter the mar
ket with large orders while stocks Of
copper are increasing. The initial step
toward correcting the current excess
production was taken by the Anaconda
Copper Mining Co. during the past week
in the suspending of operations at three
mines.
Foreign trade figures for December
showed decrease of Sal .345 900 in eX-
ports and $29, 408 900 in imports. favor-
able balance declining $l3437 900, cons
pared with December. 1928, balance.
Exports for the year totaled S5,248, 49,
900, an increase of $3.50, 127, 900 over ex-
ports of 1928, while imports totaled
81 400, 634 900, an increase of $309,190,-
900. and with the exception of 1926 the
highest total since 1920. Favorable
balance of trade for the year was $347,-
849, 900. a decrease of $189, 063, 900 from
1928 favorable balance.
Gold exports for December exceeded
imports by $64.426.000, contrasted with
an import excess of 1923 by $23, 304, 900.
For the year gold imports exceeded ex-
ports by $175,066, 000 compared with
an export excess of 1891 1868 900 In 1928.
This reversal of the gold movement was
due to the high money rates prevailing
here in 1929. During the first 10 months
Of the year gold stocks rose 1882 000, 600,
but following the market collapse in
late October the movement changed.
Sl05, 900, 900 being shipped out of this
country during the final two months Of
the year. This movement. 1t is believed.
will tend to restore sounder credit cons
ditions In other countries.