Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-26
Corporation News

NEW YORK, May 26.-The follow
ing is todays summary of important
corporation news prepared by Standard
Statistics Co., Inc, New York, for the
Associated Press:
News Trend.
Dizziness continued to prevail on the
securities markets during the past week.
Volume of transactions was at the low
est level since January. Prices on the
stock exchange dipped sharply on Mon
day, but losses were practically re-
covered during latter part of the week.
Our composite index of 80 representa-
tive issues closed on Saturday at 1921,
or OF points below the level of May
IT. The industrial group, as measured
by our index, declined GA points and
the rails advanced by 0.3 points. IT'LL
tiles, which until recently showed strong
resistance to selling pressure, declined
by 5.4 points. Brokers loans, for the
first time in three weeks, recorded an
increase. The gain was relatively small,
amounting to 100000, and bringing
total borrowings to $4,015,000,000. Elk
PLANTATION for the increase is probably
found in the requirements of bond deal
erS and banking houses.
New bond financing had recently been
exceptionally heavy and payments for a
number of important issues were due
in the period covered by the latest
loan report. Transactions of this ma
ture will reach a substantial total dur
ing the next few weeks, and may cause
further moderate gain in brokers'
borrowings The official call money
rate was maintained at 3 per cent with
outside rate 212 per cent. Bankers
acceptances, 5000 days, were reduced
"a to 2l2a23s. The important changes
in the consolidated statement of the
Federal Reserve banks were increases
for the week of $4,000, 900 in holdings
of bills bought in open market and
100000 in United States Government
securities and a decrease of 100000 in
bills discounted. Reserve ratio stood at
83.5 per cent against 1876 per cent in
the previous week, and 1853 per cent a
year ago. ...
The weekly reports from industry re-
vealed little indication of improvement
in the general situation. Freight car
loadings, probably the best single indi-
Gator of merchandise distribution and
general industrial activity, were again
at the lowest level since 1924. Total
loadings of 933,93l cars for the week
of May 10 were l per cent less than in
the preceding week and IL per cent
below the like week of 1929.
Geographically, all regions reported
reductions In loadings of all COM
modities not only in comparison with
the corresponding week of last year,
but also with the like period of 1923.
Steel production was again reduced
slightly. Operations in the entire in
dustry averaged rs per cent Of capacity,
compared with rs per cent in the pre-
vious week.
The United States Steel Corporation
maintained its rate at about 80 per
cent, but the independent companies
reduced their output to shade over
70 per cent against 70 per cent in
the preceding week. A year ago at
this time the steel corporation was OPP
| Grating at practically capacity, with in
dependents at SO per cent, an average
for the industry as whole at 90 per
cent. In the like period of 1928 the
| industrys average was 80 per cent and
In 1924 rs per cent. Prices of steel
products continue to decline. Dow,
Jones' average price for eight iron and
steel products dropped to $47.24 gross
ton. % cents below the previous week.
Steel specifications generally are re-
| ported to have fallen off, but structural
| awards and line pipe orders continue
| in good volume. Two pipe contracts