New York, July 28.
The second quarter net profit of the General Motors Corporation totalled $24,786,000, or the equivalent of $032 per share, compared with $8,234,000, the equivalent of $0.14 per share, for the previous quarter, according to figures released today, Net sales during the period under review were placed at $272,264,000, compared with $250,512,000 during the first quarter.
Mr. Alfred Sloan, Chairman of the Corporation, said that earnings were favourably affected by drastic reductions in operating expenses and also by the better relative maintenance of profits emanating from overseas' operations.—Reuter, Brokers' Loans New York, July 28.
Loans on security to brokers in New York by the reporting member banks of the Federal Reserve System, for the week ended July 27, totalled $469.000000. a decrease of $672,000.- 000 from the corresponding week of last year.
Loans to brokers during the previous week totalled $486,000,000, or $17,000,000 higher than the amount recorded for the period under review—Reuter.
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