Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-11

, trend, and there is no reason to expect
strength in the commercial and indus
trial groups.
Several automobile producers and
manufacturers of parts resumed opera
tons last week, but plants are operat-
ing at lower level than before close
down. Normal operations are not ex-
pected to be reached before the begin
ming of September.
The weeks oil statistics were neutral
Crude output averaged 2,5l5, 300 barrels
daily, an increase of 26,600 barrels over
previous week, while gasoline stocks
were cut 651, 900 barrels to 44,100,000,
the lowest total since January IL, 1880.
Reflneriess operated at 696 per cent
during the week, compared with TIA
per cent in previous week and about
81 per cent year ago,
Earnings statements continued to
dominate corporate news. OF the "a
additional reports published during the
week, but l6 showed increased net in
come, as compared with the like 1929
period. Average losses in the aggregate
were no greater than those previously at
hand, and for the combined total, 383
concerns, decline from a year ago re-
mains unchanged at "a per cent. The
decline in industrial profits has been
slightly extended, now amounting to n
per cent for 339 companies. Utility
earnings remain unchanged, with COM
bined gain of 2 per cent shewn for 16
companies. The railroads showing has
been slightly improved, % roads now
reporting decline of SO per cent.
Financial and business interest during
the past week was mainly centered on
the agricultural situation. While def
mite forecast of the effects of the cur
rent drought condition on the crops and
business in general is obviously impoS-
sible at this time, analysis of the gen.
eral situation leads TO the opinion that
the farm populace as a whole, or bust
ness at large, will not be benefited by
the crop Shrinkage. This conclusion is
based on the fact that drought condi-
lions are resulting in least correction to
those crops where the greatest contrac-
ton is necessary, NJ tably wheat and
cotton. 1t is believed that any benefits
of price advance accruing to relatively
few farmers will be more than offset by
the damage done TO the crops and stock
of great number of others.
From a business viewpoint crop de-
pletion cannot but adversely affect those
industries which depend in important
measures on the farmer as source OF
trade. Thus. railroad traffic in the ag-
ricultural sections will be reduced, mail
order sales should suffer to some eX-
tent. agricultural machinery sales will
undoubtedly be affected, and meat pack
ers will run the risk of live stock dump
| ing The tin plate and can manufac-
! turing industries have experienced little
reduction in business because OF the
! drought, and leading trade executives
report that the outlook remains favor
able.
The Companies.
American Glue sells businesses OF
| rendering subsidiaries, Lysander Kemp
! e. Sons, N. Ward Co. and John G. Dow
/ Co. acquires Essex Gelatine plant &C
| count and good will.
! American Telephone 81 Telegraph
| June operating income off 1874 pei
| cent; SIX months, 1910 per cent below
| year ago.
Consolidated Gas of New York City
| to oppose adoption proposed schedule
reducing electricity rates from to
! cents kilowatt hour, with minimum
| charge of go cents a month, on ground
new rates would increase bill of So pei
/ cent of consumers $2,600,000 year.
Naumkeag Steam Cotton introduces
! new line sheets.