Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-21
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS.

AOhO"Alk 40 . summary "a dnpOi IdHJ
corporation news prepared by the
Standard Statistics Co.. Inc, New York.
for the Associated Press:
Weekly News Review.
In anticipation of some drastic ac-
ton by Great Britain to curb the with
drawal Of gold from London, the stock
market was extremely reactionary, with
the heaviest selling taking place toward
the end Of the week. Although it was
expected that England would be COM
PEELED to take steps because of huge
drain on gold, it is too early to tell
what effect the suspension OF free gold
payments will have on security mar
kets, but it should not be overlooked
that unfavorable credit conditions
abroad have already brought prices to
abnormally low levels. The actual
movement of the stock market for the
week ended September ID as indicated
by Standard Statistics index for 80
stocks, showed decrease of 81 points.
From 96.1 on September IA the index
declined to 9f,0 on September 10, in
dnstrials, rails and utilities all moving
to lower levels.
The bond market was also very weak.
being influenced by the same unfavor-
able news as the stock market. Al
though the ruling of the controller of
the currency regarding the depreciation
in the bond accounts of national banks
was constructive development, the
disturbing factors completely oyercame
any good results this might have had.
Toward the latter part of the week
selling was conferred on foreign govern
ment bonds. In this connection it is
interesting to note that the official
statement declares that the decision
will not affect obligations of This
majeSty's government" which are paw
able in foreign currencies.
Steel operations for the week ended
September IA returned to about 80 per
cent OF capacity after the Labor day
smut down. The possibility of lower
values, due to anticipated wage reduce
tons, Is believed to be causing the de-
lay Of some orders. However. takinos
by automobile manufacturers will prob
ably not be increased until late Fall
due to the postponement of production
Of new models.
Automobile output continued to de-
cline and it Is now estimated that the
September total will fall about 10 per
cent below August and that the third
quarter production will be about 20 per
cent below the corresponding 1880
period.
Although freight car loadines for
week ended September 5 declined 42i8
cars from the preceding week, the ad-
justed index was slightly higher. The
only commodities showing an increase
were merchandise in less than car lots,
ore and coke.
Daily average oil production rose
172, 700 barrels to a total of 1918 600
barrels for the week ended September
IL. This increase was almost entirely
caused by the reopening of the East
Texas area in an effort to further cur
tail the flow the Texas Railroad Com
mission decreed output be reduced from
225 barrels per well to 1876 barrels and
that the gas ratio per barrel of oil
should not exceed 500 cubic feet.
Electric output for the week ended
september IL was smaller than in the
previous week and in the corresponding
week last year, due to the Labor day
holiday, and as the holiday came a
week earlier last year, the only true
comparison is the first two weeks of
this September with the like period sof
1880, which shows a reduction in output
OF Al per cent. However, after adj
Justing for seasonal variation, power
reduction was larger than in the pre-
ceding week.
The Companies.
Ferro Enamel declared 50-cent diyi-
dend on class IA" participating stock:
last payment. 81, made December a,
1880.
Fox Theaters subsidiary sells IL
Brooklyn houses to the Renslerfrisch
circuit.
General fireproofing Is cents quarter
", common dividend; previously paid
so cents quarterly.
Orpheum Circuit, Inc, passed quar-
terly preferred dividend; paid $500
July l.
Otis Elevator Co. gets elevator con-
tract for Marshall Field Building, about
81 100000 involved.
KelSey-HayeS Wheel Corporation has
$7,500,000 bank notes for one
year; not expected to make very good
profit showing for last half
General Electric Co. contract from
Commonwealth Edison and Superpower
Co. for 20 transformers involves over
81 900, 900.
New York Ontario & Western Rail-
way first-half net income Sl65.O12:
equals % cents common share VS.. deficit
s4S4.477.
Brooklyn Manhattan Transit Corpora
don-Negotiation reported under was
for reduction of accrued preferential
payments by $6,661, 800.
Warner Bros. Pictures, Inc.-Current
business substantially ahead of year ago.
! Goodyear Tire & Rubber Co.-Salaried
help to take two-week vacation without
pay as part OF plan to prevent lay-offs.