Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-21
Corporation News


NEW YORK, September 20 (P.-
The following is todays summary of
important corporation news prepared
By Standard Statistics Co Inc, New
York, for the Associated Press.
News Trend.
The week closed with reactionary
tendencies In evidence on the principal
security and commodity markets. Stock
prices on Friday suffered their sharpest
reaction since early August. Unsettle
naent was said to have been caused by
unconfrmed rumorS, together with
bearish professional operations. De-
ciines in leading shares ran as high
as points with the price index losing
about l.8 per cent The principal
agricultural commodities we're also sub
set to heavy liquidation on reports Of
Weakness in Winnipeg and Liverpool.
8eaviness in latter market was ascribed
b pressure by Russian interests. The
weeks commodity price movements on
the whole were disappointing. OF 81
changes In Dun's list of wholesale
quotations 81 were downward whereas
last week 38 of 66 changes were up
ward. Insolvencies during the week
numbered 497, compared with 463 in
the preceding week and $50 in the 1929
period. Bank clearings showed some
expansion over preceding week. usual
development at this time, but reduction
from the heavy total Of year ago was
again large. Aggregate exchanges at
leading centerS were 500 per cent
smaller with New York City's total of
eT.4 per cent and cities outside New
York down 25.5 per cent.
Further announcements OF dividend
reductions are included in corporation
Naa 80 ~.
rate to rs cents from 81, and Knott
Corporation cut dividend to 40 cents
from so cents. An extra dividend, 81,
was declared by Diversified Invest
ments, Inc.
The Industries.
Confectionery-Cocoa sold at new low
prices yesterday; September touched
S.3o cents pound, closing at 5.34 cents.
Copper-Foreign sales Friday, follow
ing reduction export price to 1913 cents
increased substantially, totaling $500, 600
pounds against 100000 pounds Thurs
day.
Mining and smelting-Nickel and
aluminium markets are extraordinarily
controlled, and prices have not followed
trend OF more volatile commodities.
Nevertheless, supplies are apparently
ample and increasing especially in
terms OF current demand. Long-term
consumption will undoubtedly follow
upward trend, but relatively high quo
takions viii increasingly invite greater
competition by competing metals.
While there is insufficient evidence TO
Justify predictions of Immediately lower
prices, 1t is believed long-term supply
and demand conditions viii eventually
dictate trend toward lower levels.
Oil-Detroit independent gasoline
dealers file suit In Federal Court against
Standard Oil of Indiana, White Star
Refining, Sinclair Refining, Shell Pc
troleum and Sun Oil; charging violation
Sherman antitrust laws, Clayton act
and Michigan statutes Suit is outcome
of recent gasoline price reductions of
"a and cents gallon. Crude and re-
fined oil stocks, August 81, in Pacific
Coast territory here, 181 ,223,7 100 BAR
rels, decreased 1925 barrels during
month. Crude output during month was
18,7oo .446 barrels ON daily average of
sos 400 barrels, against 606,5l7 barrels
daily in July and s7s,495 in August
1929.
zinc-August world output slab zinc
totaled 93,l85 tons against e2,77l tons
in July and 96 500 tons in June, &C
eording TO American Bureau metal sta
tistics.
The Companies.
Aluminium, Ltd, TO offer stockholders
rights to buy $4,000 additional common
shares at $50 each, in ratio one for each
eight shares held.
American Telephone 81 Telegraph
TO purchase Teletype Corporation by
exchange 100000 shares common stock
Of the two companies share for share;
win be operated as subsidiary Western
Electric.
American Water Works 81 Electric
August electric output OF 8 per cent;
eight months 0.6 per cent below year
ago,
Chrysler Corporation subsidiary,
Dodge Brothers. added AZ new dealers
during August.
Diversified Investments, me- de-
clared extra dividend 81 and regular
quarterly dividend 81 on participating
preferred shares.
Dunhill International earned AZ cents
common share in first half vs.. S2.3e
wear ago (Correction) reduced quarterly
common dividend to IS cents; previously
paid 81 cash and / per cent stock.
Durant Motors reported orders re-
Nmaved for $4,000 American Mathis cars
lenticipate production $4,000 first year
r. 81 w. Grand-Silver reported nego-
tiasing for acquisition Canadian unit'
OF Metropolitan Chain.
Fashion Park associates August sale
of 81 per cent
Ford Motor relations with Soviet no
affected by reported cancellation tractol
contract. Introduces new de luxe deliy
er- car, list price $545.
-.-.4sas Guy southern Railway Au
gust net after taxes of 3.3 per cent
Eight months. ~ per cent, below yea
ago.
Magma Copper reduces quartely com
Eagn dividend to rs cents; paid 81 II
PREVIOUS quarter.
Hegfect Circle earned s29z onnamol