Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-16
Continued From Page 14.)
Corporation News

NEW YORK, June 16.-The follow
ing is todAy's summary of important
corporation news prepared by Standard
Statistics Co., Inc, New York, for the
Associated Press:
Weekly News Review.
Security and commodity markets de-
clined sharply during the past week.
At Saturdays closing prices Our 90
stock composite index stood at 1874, or
9.S points below the level Of the previous
Saturday. Industrials, as measured by
our index, lost go points, utilities were
1T points lower and rails declined 80
points. At the low levels of the week
our index OF industrial shares stood 80
points above the extreme 1880 bottom.
Rails, which registered new low for
the year on Saturday, are only about 6
points above the resistance level OF
last November. Utilities, despite recent
pressure, are still 274 points above the
years low. Commodity prices slumped
badly, with cotton, wheat, corn, oats,
rye and silk at the lowest for the year
and in some instances the lowest in sew
eral years. On the listed bond market
erately greater than in the preceding
week.
The feature of this market was ~"
ready manner in which the e,250, 10
American portion of the new German
international 512 per cent loan vas
absorbed. Offered on Thursday at 90
to yield $40 per cent, the price quickly
advanced to 91H later dropping to
90A. Some concern had been felt
akA ~ a.. a.
ton and enthusiastic reception Is re-
garded favorably. Aggregate new offer
ings for the week were the second
largest Of the year, amounting to
1922, $4,000.
Brokers loans declined by S1o3.-
100000 to s3,9es, 0o00 900, virtually the
same level as on April 2. This repre-
sented the largest drop In any week
since that ended May z. While this
decrease is a constructive development,
1t is noteworthy that borrowings have
moved downward much less rapidly
than stock prices. Money rates dipped
further. Call money renewal rate was
lowered to 212 per cent, the lowest
charges since March 20. Outside the
Stock Exchange funds were freely
offered at per cent
Foreign trade in May was the lowest
in several years. Exports of 1922 900 600
and smaller than for any month In the
last six years. Imports were S285 ,OO0,-
900, decline of $ll5,000,0 900 from the
same month last year. and less than
for any month in last seven years. MAY
favorable balance was S37 900 900, bring
ing total b-month export excess to $685.
$4,000. compared with S298, 632 900 in
the 1929 period and 1920, 645, 900 in
1928. The record copper buying of May
n frSAY t~NA
statistical position Of the industry.
Stocks Of refined copper on hand June
amounted to 308,646 tons, an in.
crease OF nearly per cent over the
preceding month and $40 per cent over
a year ago. Supplies of refined copper
are row higher than at any time since
September, 1921. A significant factor
Is the immediate stepping up Of output
in response to sales stimulation. North
rose TO 1918 tons, an increase of
per cent over April and practically
equalling that of January last.
Orders for line pipe continue heavy
with structural contract showing an
upward trend. 1t is estimated recent
orders for line pipe approach 1000, 900
tons. Loadings Of revenue freight by
railroads in week ended May 81 were
below those Of the like period of the
was $50, 249, decline of TT per cent
from the previous week and ll.6 per
cent below the 1929 week Declines
we're general, both OH geographic and
commodity basis. Domestic crude oil
production, showing the effects of the
closer adherence to the new Droration
agreements, declined to 2588, $50 bar
rels daily, 81 400 barrels below the pre-
vlous weeks average. CALIFORNIA; suit
put was reduced to 500, 400 barrels daily
or about 5000 barrels in excess of cur
tailment figure. Prices of crude in the
Santa Fe Springs area we're advanced
Is to 80 cents barrel by Standard Oil
OF California, thereby restoring former
prices. This action would indicate re-
calcitrant operations nave finally re-
duced their output in accordance with |
curtailment plan. Another favorable |
development was the decision of the
proration committee of Mid-Continent /
OIL g. Gas Association to hold Okla
homa's daily average output at $50 900 |
barrels for the quarter beginning July /.
At least partial explanation of the |
current weakness in cotton quotations |
Is found in the consumption figures for |
may compiled by the Census Bureau. |
Domestic consumption Of 266,l2l bales |
for the month was the smallest since |
1924 Exports of 208, 1876 running bales |
was below any month since 1928 Stocks |
in mills and warehouses on Nav 81,
exclusive of linters, totaled 4,868, 7O6 |
bales, 428,984 less than on April 30 |
but l,547, 800 bales above the same date
of 1929,