Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-15
CORPORATION
REPORTS
TRENDS AND PROSPECTS or
LEADING ORGANIZATIONS.

NEW YORK, June Is (Pl.-Followins
is a summary Of important corporation
news prepared by the Standard sta
tistics Co., Inc, New York, for the As
Sociated Press:
Weekly News Review.
The stock market advance continued
at a slower but more assured pace
throughout the week. Although the
immediate causes are difhcult to deter
mine, the absence of definitely en-
couraging industrial developments and
the general expectation of many UNI
favorable second quarter earnings re-
ports and additional dividend cuts Oh
omissions would lead to the conclusion
that the present movement is based or
technical conditions within the market
after the prolonged selling. Contributing
causes undoubtedly lie, however, in the
realization that economies effected by
many important companies in the past
half year will allow sharp Improvement
in earnings when the business upturn
once sets In, in the belief held by many
that dedation probably has run It's
course in important fields and in the
general feeling that pessimism may
have been carried too far.
Some indication OF the forces behind
the weeks market may also be found in
the drop Of $40, 000. 900 in brokers' loans,
which, in view Of the rising market, may
indicate that some of the strength came
from short covering. Further infoTma-
ton lies in the drop in loans of mem
Der banks of the New York Federal Re-
serve outstanding against security coll
lateral. evidence Of liquidation Of stocks
held in banks.
Outstanding strength in railroad
shares, the most notable feature of the
weeks recovery, came in part also from
the announcements of a plan to petition
the I. C. C. for blanket is per cent
increase in freight rates, unanimously
approved by Eastern, Western and
Southern executives and ready for pre-
sentation to the commission early this
week. Further strength may also have
been derived from reports Of progress
in the formulation Of the plan for con-
solidation of all Eastern roads under
four trunk lines.
AS measured by the standard price
index for 80 selected stocks, the market
during the past week rose SIS points to
close on Friday, June IL, at 1922. AL
three component divisions participated
in the gain, the utilities rising SO points
to 1884, the greatest absolute gain, the
rails rising SO points to 77.7, the great
est gain, when measured in percent.
ages, and the 1ndustrials rising A.
points to 1885.
On the bond market United States
Government issues and prime rails and
utilities continued to show the strength
that they have exhibited in receni
weeks. Lower grade rails and Others
and also foreign bonds, except German
51ks, reversed their previous downward
course and showed improvement dur.
ing the week just past This market a!
| whole, measured by the standard In
dex for 30 bonds, closed Friday l.;
points above the preceding Friday a
GAS.
Weakness in refined copper price
which fell to 3 cents a pound on Frida.
from the 8A cents, preceded the pub
LEGATION of May statistics showing al
increase in stocks on hand as of Ma,
| 81 to the total of 398, 667 short tons
30,746 tons over April 80.
Another State, Illinois, has propose,
a license tax for chain store units, tn
most drastic as yet suggested. This bill
imposes levy Of $1,000 on each uni
of chain of over three.
The cotton report for May present
a favorable picture in that stocks OF
May 81 fell to 6,752,247 running bale
from 7,404,339 the month before de
spite a small and normal decline Il
consumption.
Wheat was favorably affected o.
Wednesday by the estimate of the Win
ter crop, based on conditions as q
June l, showing a drop to GAS, 600, 90
bushels from the estimate based on Ma
II, which had placed the crop at $50,
100000 bushels.
Foreign trade in April, according Il
statistics released Tuesday by the De
partment of Commerce, showed lare
declines in both exports and import
from March. April exports, totalin
$214, 887,717, were still well in excess {
imports, which totaled $187, TAI, 102.
The Companies.
Associated Gas & Electric May Elec
trio output UP As per cent, IL month
up per cent: May gas sales on
per cent, IL months of o. per cent.
Consolidated Mining g. Smelling I
! Canada omitted usual extra cash div
dend Of IS, but declared per cent
stock in addition to $1.25 sefni-annu
dividend.
4 Curtiss-W Wright Corporation subsid
airy, Wright Aeronautical, obtains Arm
contract for 15e engines to co
Empire Steel-F. A. Scott elects
chairman Of Bondholders' Commit
for first mortgage IS Of subsidiar
Mansfield Sheet 81 Tin Plate.
Federal Mining & Melting -Produ