Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-04
CORPORATION
REPORTS
TRENDS AND PROSPECTS, OF
LEADING ORGANIZATIONS

BY the Associated Press.
NEW YORK, May 4.-The following
is a summary Of important corporation
news prepared by the Standard Sta
tistics Co, Inc, New York, Tor the
Associated Press:
Weekly News Review.
Further decline In stock prices last
week brought security levels, as meas
ured by the Standard price index, tenn
porarily to new low levels for the 1879
1881 bear market. The index on May
stood at 1863, drop OF 81 points
from the level of April "a, and l 8 points
over the low point Of 1l4.7, reached De
cen1ber IS. 1880, but on April 20 the
index had carried 0.6 points below this
December low to Hal.
Participation in this decline was dis
tributed fairly equally among the three
divisions comprised in this index. In
dls Srials declined 54 points to ILL., on
Nav 1, rails fell so points to $50 ana
utilities SIS points to 1850.
The principal force behind this mar
ket is apparently disappointment over
the degree Of industrial expansion re.
corded this Spring, which had been the
subject of rather too much optimism
early in the year. OF more immediate
Importance, undoubtedly, are the m.
favorable March quarter reports ana
ACCOMMODATING dividend reductions or
omissions. Although these could not De
entirely unexpected, they serve as adol-
tional confirmation Of a basically un-
favorable situation, in which no normal
seasonal improvement can now De eX-
pected until late Summer.
Although the bond market showed
some rise during the week, 1t was not
large. and did not furnish much en-
couragement. In view Of fundamental
" uncertain circumstances, there were
few new offerings.
After the fall in grain prices early In
the week before last, the steaOneSe az
the end of that week continued to bs
shown through the week just past.
This is of added interest in view OF the
| fall In stock prices, but It Is olmcuiV 70
And very much significance In tnlS
phenomenon. Cotton reached nc" 40"
| levels.
April ~ showed Q further decline, put
! the amount was notably less tnan tnaU
recorded the preceding weeks.
RAILWAY freight car load1ngS Tor the
week ended April. 10 were 22068 cars
over the week preceding, a gain greater
than usual for this week OF the year. IN
this connection it should be remembered
that the week preceding also snoWea
a gain more than seasonal over the week
before OF particular interest in the last
renort was the fact that miscellaneous
freight and freight in less-than .carloao
lots. comprising together the buik on
finished goods shipped, made up tne
Greater part of the increase. Aggregate
net operating income Of I'll railroaos 1or
March was 23.8 per cent under March
loan a larger lag than had been inoi-
Gated bv earlier reports, but stll
marked Improvement over the February
comnariSon with the year before, wnen
the same companies showed decline OF
s1e ner cent. Based on present infor
nation It has been estimated that Cne
March net operating income OF all class
roads aggregated about $45,3OU,UVU,
which would be 25.S per cent below las!
wear. but 66 per cent over FEBRUARY o.
this year.
AGE crIlde oil output was reported for
the week ended April IS, continuing tne
steady gain in output oesplte enCI. S
to effect some limitation. AT the same
time the limit on allowable outpuL ~
East Texas, where much OF the olIn
Guilty In limiting output Is being expert
enced. was raised 5000 barrels, oe.
yelopment that cannot be considered
favorable, although easily to be &C
counted for by peculiar local crcum-
stances.
April automobile reports are showing
shipments and production well ABOVE
March. a development not unexpected
AT this season and still apparently pe.