Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-27
Corporation News

NEW YORK. January 27.-The fol-
lowing is today's summary of important
Statistics Co., Inc, New York, for the
Associated Press.
Weekly News Review.
The stock market displayed increased
activity and moderate strength during
the past week. Stimulated by increased
production in the steel industry, prices
showed strong upward tendency in
the latter half of the week, breaking out
Of the narrow area in which prices
have ranged since the first of the year
and advancing to a new high for the
current movement. The listed bond
market was dull, decreased interest be-
ing due to the record bond offerings of
the previous week. Prices evidenced
old and well established issues were be-
ing sold, proceeds being placed in the
recent offerings.
Loans to brokers decreased $4,000, 900
to So ,341, 000, 900, compared with $5,-
443, 000, 900 on January %, 1929. De-
tailed changes during the week were a
decrease of 100000 in loans by New
York City banks, decrease of So, 000,-
600 in loans for out-of-town banks and
an increase of $17,000000 in loans for
account of others. Call money con-
tinued to range between and AZ per
cent. The Federal Reserve consolidated
statement for the week showed de-
creases of $500, 900 in holdings of dis
counted bills, SIS 100000 in bills bought
in open market and $2,400,000 in United
States securities. Volume OF Federal
Reserve credit outstanding is now $224,-
SGT 900 under the leval of year ago.
rot IN StN o further
ment increasing to 1853 per cent.
against 75.4 per cent in the previous
week and 69.3 per cent year ago.
Trade News Encouraging.
Trade and industrial developments
of the past week were encouraging.
Operations we're almost uniformly ia
vorable contraSted with the previous
week, but, of course, continued sharply
off from last years record results Steel
production showed a further increase,
operating rate advancing to SO per cent
of capacity, against Sc ptr cent in the
preceding week and SO per cent two
weeks ago. In the corresponding week
of 1929 production was at "a per cent
of capacity. United States Steel rate
was increased to 70 per cent OF ca
pacity, against 81 per cent in the
previous week and IS per cent two
weeks ago. In the like week a year
ago United Sttaes Steel was at IS per
cent of capacity. Independents plants
ran at 81 per cent, contrasted with o.
per cent in the previous week ana Oh
per cent two weeks ago. Rate during
like week in 1929 was 50 per cent OF ca
pacity. Prices of steel showed further
easing during the week. This weak
ness, no doubt, is keeping back re-
pleniShment orders which otherwise
would be placed at this time. Pig iron
prices are the lowest since october,
1928, while finished steel is at the
lowest level since December, 1927. Car
loadings for the week of January IL
were the lowest of any corresponding
week since 1922. Total of 1863, l9l cars
was an increase OF 86,932 cars over the
previous week, which included holiday,
but a decrease of 81 PAT cars from the
like week of 1929.
After six consecutive weeks OF In
creases in coal loadings that commodity
showed sharp decline from year ago.
Live stock and forest products were the
only commodities to show smaller
relative decrease than that reported
week ago.
Crude Oil Production.
Domestic crude oil production in the
week ended January Is averaged 2,66l,-
$50 barrels daily. decrease of 27,6o0
barrels from the preceding weeks aver
age, due mainly to reduced output In
Oklahoma and California. Compared
with the like week year ago, 1t was an
increase of 1,450 barrels. Imports of
crude and refined oil averaged 282, ESQ
barrels daily, an increase of 1898 bar
rels over the preceding week and max
ing total available supply OF 2,943, 900
barrels daily. Refinery runs averaged
about 2,542, 500 barrels daily, thus stocks
lie Gou
during the week. Gasoline stocks at the
end of the week totaled 1904 900 bar
rels, an increase of 100000 barrels
over the preceding week. Gas and fuel
oil stocks amounted to 144, 039 900 bar
rels, a decrease of 10000 barrels from
the previous week. The crude oil price
reductions made in the Midcontinent
fields by Standard Oil of New York and
Standard of New Jersey and Atlantic
Refining Co. have not been met by
other large purchasers. Some buyers,
therefore, are paying on the average OF
IS cents a barrel more for crude than
others. This condition cannot last, as
producers naturally favor the higher
priced buyer, and in order to mailman
their prices have curtailed production
further. East Earlsboro, Okla, operators
have agreed to reduce production to
80 l-3 per cent of capacity, while Okla
homa City producers have voted re-
duction to IS per cent of capacity.
Operators in Voshel field, Kansas, have
also curtailed output to IS per cent of
capacity.
Automobile production was stepped
up moderately during the week, Janu-
airy schedules of Chrysler and Chevrolet
being revised upwardly because of large
demands from their dealer organiza-
tons.
Railroad equipment orders to stable
proportions we're placed by a number of
railroad and oil companies. Locomotive
orders from the Van Sweringen lines
L.. -