Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-04
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS.

TRENDS AND PROSPECTS, OF
LEADING ORGANIZATIONS.
NEW YORK, June 4.-The following
Is summary of important corporation
news prepared by the Standard Sta
tistics Co., Inc, New York, for the
Associated Press.
News Trend.
Margin requirements on regular loans
to brokers were reduced to 20 per cent
from Is per cent yesterday by several
of the important New York banks, ap-
parently acting nthe belief that mar
ket values have declined now to levels
where a lower percentage as security
against possible future decline is JUS
tilted. The strong rally that took
place in stocks yesterday undoubtedly
had its origin in this bank action as
well as in present technical position
after continuous selling.
Following persistent increases in daily
average crude output, the last for the
week ended May &c. made public yes
terday and the day before, leading
companies have made further cuts in
prices on Nationwide scale. While
such action is a natural development
from the obvious overprcduction of oil,
1t Is none the less most unfortunate
for this industry.
Reports of retail sales for May will
be received shortly in large numbers.
AS is usually the case, the few early
reports received thus far are too ir-
regular to furnish an indication of the
comparisons that large aggregate sales
will 40 be EYyif h. A1FA
gomery Ward shows relatively large
decreases for May and the five-month
period, whereas W. T. Grant and
Edison Bros Stores show sizeable
gains.
The Companies.
American Cigar omits quarterly pre-
ferred dividend; paid $l.50 April /.
Gambia Power & Paper-RecrganiZa-
ticn plan promulgated by Securities
Protective Committee; new company
would be formed.
Chicago &, Eastern Illinois Railway
T. C. Powell replaced as chairman by
K. D. Steere: Directors Potter, Swan
and Heed replaced by NJ. j. O'Brien, H.
E. otte and Hyatt; change believed
made to give Chicago greater repre-
Cream Of Wheat Corporation-25
cents extra and so cents quarterly COM
mon dividends.
General Theaters Equ;pment-No &C
ton reported as yet on preferred divi-
dend currently expected.
Montgomery Ward d c.. May sales
of 25.9 per- cent, months of 1875 per
cent.
Pacific Coast Cc-First mortgage
bondholders form protective committee.
Richfeld Oil of California-Inde-
pendent interests reported considering
sac of more common stcc6 or additional
debentures to acquire necessary working
capital for proposed reorganization;~
plan would provide for offer of pre-
ferred end common stock to bondhold-
erS; unsecured creditors would receive
second preferred stock: present perfer-
red and common stockholders would be
offered rights; receiver McDuff1e states
no plan has been submitted to him.
Tide Water Oil Is cents quarterly
dividend; formerly paid 20 cents.
U. S. Steel-Complete integrated
plant reported contemplated for Can
ada.
Wheeling Steel declares regular quar-
terly dividends 50 on preferred A and
$3.50 on preferred B stocks.
Wilcox Rich Corporation March quar-
ter net income after class A dividends,
$139,644 against S271,637.
Ahumada Lead Co.-Finances re-
ported exhausted; operations to be sus-
pended and property to be closed
June 80
American Car & Foundry gets order
for 500 underframes from Northern
Pacific Railway.
Edison Bros Stores May sales Up
52.2 per cent; four months, up 426
per cent.
Electric Auto-Lite Co. president ex-
poets earnings to cover dividend needs
Of SO for first two quarters.
General Motors May Oakland out
put 14,829 cars, against 14,l88 in April;
May best month since August, 1929.
Harpen Mining 1880 deficit S156, $50,
against net income, 81 ,3l3,110, in 1929.
Humble Oil & Refining withdraws
posted price schedules for crude oil in
East Texas; cuts prices in other Sec
tions of State to rs cents a barrel on
crude below 35-degree gravity. with 2
cents differential for each degree Of
gravity to 40 and above.
International Utilities stockholders to
vote on increasing authorized preferred
stock redesignated prior preferred to
100000 shares and class stock to
2,500,0 shares; present preferred to
be exchanged for new preferred on
share-for-share basis.
National Transit cuts PENNSYLVANIA
grade crude oil price 25 cents barrel
to S1.50.
Northern Pacific Railway president
states no betterment in earnings is
yet in evidence.
Phelps Dodge Corporation Is cents
quarterly common dividend; formerly
paid so cents.
Purity Bakeries reports upward trend
since April maintenance of So dividend
expected; cash May 81 totaled S3,0o3.-
III. against Sl.898,776, December 81,
1890
Safety Car Heating & Lighting 81
dividend; previously paid So quarterly.
Sears, Roebuck considering discon-
tinuance of postage prepayment on
orders under 50.
Warren Bros 1881 earnings expected
to cover So common dividend; current
business about 80 per cent domestic and
in 1880; cash June reported about ST.
100000
Allis-Chalmers Manufacturing May
against $40, 972 900 at end of April and
$4,000, 900 at beginning of current year.
Eastman Kodak Co. chairman states
domestic business approximating 1928
levels; export sales ahead year ago.
Grant CIV. To Co. May sales up 10
per cent, five months up 81 per cent.
Standard Oil ana)-Chain store
tax to have little effect on earnings:
total tax at S25 station would be SAL
804 year.
Standard Oil New Jersey cuts bunker
Oil price 10 cents a barrel at Atlantic
Coast and gulf points.