Evening star., 1930-06-15
Corporation News

NEW YORK, June 14.-The follow
ing is today's summary of important
corporation news prepared by Standard
Statistics Co., Inc, New York, for the
Associated Press:
News Trend.
The week closed with weakness in
evidence on the principal commodity
markets and with stock prices highly
irregular. Cotton, wheat, rye and other
grain quotations dropped to new low
levels for the season.
Prices for cotton are below IA cents
for the first time since Spring, 1927
The weekly trade indices are again un-
/ favorable. Commercial failures for the
week numbered 489, against 485 in the
previous week and 426 a year ago
Bank clearings at leading cities showed
some improvement. Aggregate was only
per cent below a year ago because OF
increase exchanges in New York City
where clearings declined only O.5 per
cent.
The Industries.
Copper-Price of export copper re-
duced to 1855 cents from 13 cents, elf,
European base port.
Oil-Crude oil output in Texas In
first quarter totaled 71,724,728 barrels,
valued at S76,3I4,476 Humble Oil &
Refining was leading producer with
output 1885, barrels. Gulf Oh was
second with production of 6,852, $3.50
barrels, followed by Texas Co. with a.
304 ,651.
Retail Trade-May sales of So chain
store systems totaled $685., 8,653,7 ,76l, an
increase of 406 per cent over May, 1929.
Five months sale of same concerns ag-
gregated $1,636, ,793,974, an increase OF
5.28 per cent over 1929 period. increase
is due chiefly, If not entirely, 10 larger
number of units in operation compared
with year ago.
Sugar-Several large East Coast re-
finers have advanced price of refined
sugar 10 points to 4.60 cents a pound.
United Fruit, subsidiary (Revere Sugar
Refinery, threatens to withdraw from
Sugar Institute unless 30-day contract
rules on deliveries are enforced.
The Companies.
American Rolling Mills has organized
Armco Coal Mining to operate West
Virginia coal mining properties.
Anaconda Copper mining SUBSIDIARY,
American Brass, reduces prices on
products based on 1919 cent copper.
Backstay Welt earned II cents on
common stock in March quarter against
$I.51 in 1929 period.
Carman & Co. earned $1.66 on class
A stock in March quarter against $2.25
in 1929 period. Earnings on class 3
shares 66 cents against $1.o1.
Columbia Graphophone, Ltd, reported
sale and segregation OF American as
sets will be preliminary to proposed mer-
ger of company with Gramophone Co.,
Led, British affiliate OF Radio corpora
ton.
Columbia Pictures receives exclusive
right to show Sharkey- -Schmeling bout.
Elder Manufacturing earned $2.84 on
common stock in year ended Aprn SV
against $521 in previous year.
Fox Film net, before interest and
Federal taxes, II weeks to April 26
SIS, 5,722, 900 against $S,so4,ooo IN 1923
period.
with Great Atlantic & Pacific Tea foI
sale of frosted food products:
Kaybee Stores declared initial quar-
terly dividend of Is cents on common
stock.
Madison Square Garden profits from
Sharkey-Schmeling fight expected tc
exceed $4,000, equal to 35 cents on
! outstanding common stock.
National Air Transport carried 1874, ,93s
pounds mail in May between New York
Chicago and Dallas, increase 5,317 ovel
preceding month and 1856 over May
1929.
Ohio Oil acquisition of Transconti-
mental Oil practically completed. Ohio
| to split stock two for one; shares vii
| then be exchanged on basis one new fol
one and three-fourths Transcontinental
Standard Oil of California restores
price Santa Fe Springs crude to 80 cents
a barrel. Recently cut to rs cents be-
cause of overproduction in that field.
| Standard Oil of Ohio reduces prlc'