Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-28
Corporation News

Corporation News
NEW YORK, April 2S-The follow
ing is a summary of important corpora
ton news prepared by Standard Sta
tistics Co., Inc, New York, for the AS
ISOLATED Press:
Weekly News Review.
Prices on the Stock Exchange con-
tinued to move irregularly lower during
the past week. Our composite index OF
90 representative stocks declined by
points, the largest loss sustained in any
week of the current year. The IN
dustrial group registered the sharpest
decline, losing 4.8 points, while the rail
group dropped 81 points. Utilities,
after receding sharply on Monday, re-
covered the loss on the following two
dayE and closed the week with a gain
of % points. Turnover averaged about
100000 shares daily. On the listed
bond market the price movement was
narrow, with Government bonds and
convertibles showing the best strength.
Sales totaled $54,170000, against $685.
Ell 900 in the week previous.
New offerings aggregated $143, 757 900,
compared with $98, 504,0 900 in the pre-
ceding week and $57,S7S,O00 in the like
1929 week.
Contrary to general expectations
brokers' loans increased quite sharply
during the week ended April %. The
net gain amounted to $92, 000, 900, car
rying the total to $4,217, 100000. This
is the first report issued thus far in
1880 which revealed an increase in bor-
rowings during period of declining
prices. Our composite index lost 10
points In the four trading days, reflect
ed In the loan figures. Call money on
hats
312 and 4 per cent, closing at the
former figures; on the Curb Exchange
the call rate fluctuated between 4 and
Az per cent.
The principal changes in the latest
consolidated statement Of the Federal
Reserve banks, dated April %, were in
creases over the previous week of $45,-
100000 in holdings of bills bought in
the open market, 100000 in United
States Government securities and 81
100000 in discounted bills. Member
bank reserve deposits declined $16,800,-
600, Government deposits $1,500,000
and Federal Reserve note circulation
$29, 100000. Cash reserves increased
$l5,90O, 000 Total bills and securities
were $56,500,000 below amount week
ago. Reserve ratio advanced to 818
per cent, against 80.4 per cent week
previous and 74.3 per cent year ago.
Trade and industrial news of the
week was mixed. Operations in the
steel industry as a whole were advanced
to 76I2 per cent of capacity, against rs
per cent in the previous week and SO
per cent year ago. A recent falling
of in railroad buying has been Offset
by expanding automotive requirements
and a seasonal increase in structural
projects and in pipe line business. An
order for 700 miles Of line and tubing
was placed during the week. Railroad
freight loadings for the week ended
April ID totaled 911,3l0 cars, an in
crease Of GA per cent over the preceding
week. but 81 per cent below the CORE
spending week of 1929. This expansion
over the previous week is about in line
with the average seasonal tendency
noted at this time of the year. Grain
and grain products were the only COM
modities to show an increase over the
1929 week Geographically, loadings Of
the Southwestern, Pocahontas and
Southern regions exceeded the same
period a year ago, with Southwestern
aggregate the largest Of aSS like period
on record
Commodity prices evidenced furtAer
weakness during the week. May wheA
declined to $1.0134, new low price for
the season. Cotton, rubber and sugar
were also lower, the latter two COM
modtties dropping to new low points for
the year. The annalist index of whole
sale commodity prices is at the lowest
level since September, 1916.
News of the oil industry was favor
able. Crude output in the week of
April 10 averaged 1850 900 barrels daily,
O decrease of $50 barrels from the pre-
vious weeks daily average and 110,950
barrels below average in the like week
year ago. A gain in California output
over the preceding week of 10000 bar
rels daily was offset by decreases in
Oklahoma and Kansas fields
Gasoline stocks were also reduced,
Reflneries representing 95.6 per cent
OF the country's total refining capacity
had 53,447,000 barrels of gasoline on
hand on April 10, a decrease Of $4,000
barrels from the previous weeks total
The first quarter earnings statements
which made up the bulk OF last weeks
corporation news revealed in no uncer-
tain manner the undermining effect OF
the general business recession prevail
ing during recent months. Under the
influence both of lower volume of trade
end receding price levels, the majority
Of companies have experienced profits
below the relatively high Levels of early
1929 with sIzeabie declines numerous
Even among those concerns showing
the most favorable comparisons, several
were aided more by heavy carry-over
at unfinished business than by any
AAlthy condition Of first-quarter de-
Ehand.
Excluding the drop of about 25 per
cent registered by General Motors,
earnings computations of the remain
ing sc industrial statements received
showed an aggregate sum 1853 per cent
below that for the same organizations
In the first quarter of 1929. Individual
results varied widely, with losses rang
ing from a fraction to 100 per cent and
over. Only those companies under the
influence of special circumstances have
been able to report gains.
Nine utilities have published first
quarter statements to date, these con-
Germs showing a combined recession in
ancome of 3.5 per cent. Excluding the