Evening star., 1930-12-01
Corporation News

Corporation News
NEW YORK, December 1.-The fol-
lowing is a summary of important cor
poration news prepared by the Stand
ard Statistics Co., Inc, New York, for
the Associated Press.
Weekly News Review.
Dizziness was the keynote of last
weeks security markets. Quotations
clined in all but one session, the index
to prices of 80 leading issues losing 3.4
points (2.5 per cent? during the five
trading periods. Volume of turnover
averaged about 100000 shares per
five-hour session, the smallest in sew
eral months. Bond prices continued to
move downward with the three divisions
Of the Standard Statistics index OF
high-grade obligations establishing new
lows for the year. The composite aver
age declined 1.28 point Q3 per cent?
during the week, and stands 0.5 points
COS per cent? above the low point OF
1929.
In the commodity markets grains
showed some strength, but practically
all other commodities were lower. Cot
ton was especially reactionary lowering
nearly 40 points. Copper remained
nominally at IL cents pound, but some
sales were reported at 1912 and IL
cents. Money rates have not as yet
been affected by the increased holiday
demand. Call money continued Off
cially at Q per cent, but was again
available at 112 per cent outside the
exchange. Evidence that low money
rates are expected for some time is
given by the reduction in four months
time money charge by IA of per cent
to ga per cent. Brokers loans were
liquidated $50, 100000 further during
the week ended November 26, making
the ninth consecutive week borrowings
have declined. Present aggregate bor-
rowings of $1,122, ,000,000 are the small
set since April, 1925, and represent a
decline of nearly 10 per cent from the
high point of last year.
The weeks reports from industry in
dicated that there has been a further
slowing down in activity, a usual de-
velopment at this period Of the year.
Who're minimum prices have been
quoted, they have been placed at the
lower limits of recent price spreads
a sterilization, at best, at the lowest
levels for the year. New automobile
sheet and strip quotations have proved
a distinct disappointment, being at levels
which permit little or no profit. Thus,
it would appear, the major stimulus OF
price attempts, as constituted to date
has been toward the eradication OF
special concessions.
Railroad Freight Traffic.
Latest figures of railroad freight
traffic. for the week ended November Is
show another larger than seasonal de-
cline. Total of 829,251 cars was SO, 2,15O
below previous week and 153.675 cars
less than in 1929 period. Electricity
production, which Is expected to be one
of the first indices to respond to a
change in the business trend, recorded
a slight gain in the week ended Novem-
ber %, but was more than 6 per cent
smaller than in the corresponding week
of last year. In proportion, this de-
cline was the severest registered so
far this year. Building contracts
awarded in the third week of Novem-
ber increased on an average OF $4,000
600 per business day compared with the
Dodge Corporation, for the month to
November 81. Rate of lets per busi-
ness day was $12.050, 200, against Oc-
tober average, $12,973, 100, and Novem-
ber 1929, average of SIS $40, 500.
OIL statistics for the week Of Novem-
ber % were uniformly favorable, crude
output, gasoline and fuel oil stocks all
showing decreases. However, despite
the success attained this year in the
restriction of crude production and the
more recent headway toward a con-
traction of refinery activity, the oil in
dustry must still look forward to a
number of months of even closer align-
ment of production with Seasonally low
fo IN
basis for improvement in 1882. 1t Is
estimated refinery operations will be
reduced by some z per cent further dur
ing the six months to March 81 If
stocks are to be held to workable
basis for the start of the heavy selling
season next year. Additional curtail-
ment of crude outturn would be neceS-
sary to accomplish this objective. in
the meantime, under the influence of
extreme competition and necessary
dumping on the part Of number OF
small producers, prices Of both crude
and refined products have been carried
to the lowest levels witnessed in many
years. At current quotations, in fact,
all divisions are at minimum and 1t is
believed several months Of balanced op-
erations must be accomplished before
prices can be brought to levels ccn-
ducive to expended income.
In the steel industry, mill operations
have been reduced to 40 per cent Of
theoretical capacity compared with 43
per cent in the two preceding weeks.
Isolated increases are being recorded in
some instances instigated by the start
of rail production or by automotive
requisitions for early new model output,
but on the whole 1t is expected an
increase in operations must await the
turn of the year.
The recent efforts of steel producers
to effect reversal of the downward
trend of prices have been far from en-
couraging from the standpoint of any
major expansion of earnings during the
early part of 1881.
The Companies.
Allegheny Steel Co. adopts six.hour
day at mills.
Brillo Mfg. third-quarter share earn