Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-16
Corporation News

Corporation News
NEW YORK, July 16-The following
is todays summary of important cor
poration news prepared by Standard
Statistics Co., Inc, New York, for the
Associated Press:
News Trend.
Noteworthy in today's news is the
Department of Commerce report on
May net earnings of SO public utility
companies. excluding telephone and tele-
graph. totaling S86,000,000 or "a per
cent under April, but g per cent in
excess of May, 1929. During the five
months net earnings increased As per
cent over the same time last year.
Consolidated Gas, Electric Light q
Power of Baltimore also reports a
gain to May 81, and Associated Gas
81 Electric announces a fair output in
crease in four weeks to July 5.
Steel industry production, currently
at 81 per cent, has increased 9 per
cent over the average during July 4
week, but remains per cent under
the last week of June and SO per cent
below the 1929 average. The 1928 rate
Was o. per C6IlJ. AlJliOuBH JlllS Id dIl
improvement over independence day
week, the 9 per cent increase falls short
of II and II per cent gains in cor
responding periods of 1929 and 1928,
respectively.
Total car loadings for independence
day week ended July totaled 1872, 141,
about in line with early estimates. The
decline of 144,707 cars from the previ-
Gus week compares favorably with the
drop of 1861 cars in corresponding
week of 1929.
The Industries.
Advertising, printing and publish
ing-Despite fairly sharp decreases in
newspaper lineage, total advertising ex-
penditures in the first six months APP
proximated those in the 1929 period.
Newspaper losses were partially Offset
by gains of about per cent in maya
zine and As per cent in radio adver-
Using revenues. Exceptional 1929 profits
makes for sizeable advertising reserves
this year.
Copper-Has been sold by custom
smelters at 11A cents lower since
1921; large producers holding at 1l12
cents.
OH - Oklahoma operators approve
plan to reduce State output IS per cent
to $4,000 barrels daily.
Railroads-Interstate Commerce Com
mission approves proposal of Southern
Pacific to cut class and commodity
freight rates applying to California
ports and inland points; also to Wash
ington and Oregon ports and inland
points beyond to meet competition Of
coastal steamship lines.
Steel-Current operations of industry
at 81 per cent, against 48 per cent i'll
week of Independence day Shutdowns,
90 per cent year ago and SO per cent
in 1923. United States Steel produc-
ton SO per cent, compared with SIS per
cent in past week. 80 per cent same
time in 1929 and 70 per cent mid-July,
1928. Independents at So per cent VS..
AZ per cent In preceding week, 81 per
cent last year and 81 per cent two years
ago.
The Companies.
Ajax Rubber starts production of
tires in McClaren Rubber Co. plant,
Charlotte, N. c.
American Telephone & Telegraph add
Lithuania to transatlantic phone serv-
ice.
Baltimore 81 Ohio establishes rail-
truck service with Store-Door Trucking
Co. for Staten Island Terminal.
Bohn aluminium 81 Brass June quar-
ter share earnings, 83 cents, against
SALT; six months, $195, against $500.
Campbell, Wyant & Cannon Foundry
earned approximately II cents common
share in June quarter, against SO cents;
six months, $1.66, against $3.05.
City Ice g. Fuels subsidiary, Federal
Cold Storage Co., to build $2,500,000 ice
plant and warehouse at Pittsburgh.
Colgate Palmolive Peet six months
$l66, against $1.36.
Consolidated Gas, Electric Light &
Power Co. of Baltimore May industrial
power sales up 500 per cent; five
8.34 per cent over 1929.
Dominion Stores, Limited, June sales
off as per cent; six months, IL per
cent over year ago.
Grand Union six months sales up
las per cent.
General Mills subsidiary, Sperry
Flour, cuts price 20 cents barrel to low
est in 10 years.
Great Atlantic g. Pacific Tea sues j.
Henry Koenig Co. for 100000 for al
legged trademark violation.
international Telephone g. Telegraph
new radio-telegraph link from San
Francisco to Manila nearly ready.
LanSon & Sessions earned 81 cents
share first half.
Montgomery Ward closed contract
with Pines Winterfront Co. to sell units
at reduction of $3.50 and $500.
North American Cement had net loss
S49,374 six months to June 80.
Oppenheim Collins g. Co., Inc, cuts
quarterly dividend to rs cents from
SIPS. President estimates year to July
81 earnings over $3.50 share.
Paramount PubliX domestic MIN
rentals in June quarter per cent over
year ago; first two weeks July up 10
per cent. Foreign rentals, April and
Mov 81 rer cent above 1929 months.
Phillips Petroleum acquires market
ing facilities of Gilliland Oil Co, New
Mexico, wholly owned subsidiary OF
Reserve Petroleum Co.
Scoville Mfg. readjusts pay schedules;
some cuts up to 10 per cent.
Shell Union Oil Co.. subsidiary Shell
Oil Co. to maintain present wage scale
for year effective August 81.
Southern Railway re-employ1ng shop
workers laid off 10 days ago.
Union Oil Co of California cuts daily
gasoline crude oil runs to stills to $1,000
barrels, rs per cent below 1929 average.
United States g. Foreign Securities
value June 80, $26.65 share,
against $50. 78, December 81, 1929.
Western Electric six months sales up
35 per cent.
Zenith Radio negotiating to produce
lower priced line.
American Chicle Co. earned $1.21
share in June quarter VS.. $l.31; six
months, $216, against 1927.
Anglo Chilean Consolidated Nitrate
included in new company
to consolidate all Chilean nitrate hold
inos. all interests to represent 81 per
cent of total production.
Associated Gas g. Electric gas output,
four weeks to July S. up l per cent;
electric, 2 per cent over 1929.