Evening star., 1943-12-02
Business Briefs

+ Business Briefs
War Expenditures Set New Peak
of more than $7,541 900 900 In No
vember, an increase Of $72,O0O, 900
over the previous record established
in June, and $552, ,0O0, 900 above the
october total, the Treasury an
nounced. War spending in five
months Of the fiscaz year totaled
$35, ,147 900 900 against $26, ,289, 900 600
in the same period Of last year.
War Bond Sales in November to-
tailed $798, 900 900 and redemptions
$l70, ,481 900, highest for any month,
the Treasury also revealed. Onncials
associated redemptions with heavy
sales in the recent Third War Loan
drive. More than $26 SOC, 900 worth
Of savings bonds are outstanding.
| Life Insurance Sales this year will
approximate $12,7OO, 600 900, a gain
Of so over 1912, President Franklin
d'Olier of the Prudential Insurance
Co. told the Association Life In
surance Presidents at its New York
convention.
Bank Clearings in % leading cities
declined to $780,, SIT 900 in the holi-
day week ended December l, COM
pared with $8,807 ,345 900 in the pre-
ceding full week, and were only 80
above $7,643 ,881 900 in the like 1912
week, Dun & Bradstreet, Inc, re-
ported.
Gasoline Stocks on November q
totaled SO, 1880 900 barrels against 68,-
996, 900 week earlier and 74628, 900
a year ago, the American Petroleum
Institute estimated. Indices of civil
ian supplies on the Eastern Sea-
board, compared with normal, were:
Gasoline, 4049o; kerosene, 1907;
light fuel oil, 65.1%o; heavy fuel oil,
75.4qo.
Freight Loadings In the week
ended November 27 totaled 82O,O82
cars, drop of 7.1%o from the pre-
ceding week. but 10.3so above q year
ago, the Association of American
Railroads disclosed
Kelsey-Hayes Wheel Co. an
nounced it had taken steps to ac-
quire stock Of French g. Hecht, Inc,
of Davenport, Iowa, manufacturers
of steel spoke wheels and a variety
of disc and cast wheels. Purchase
of all F. & H. stock would require
S73l ,280 in cash and 1923 shares of
class B stock Of Kelsey Hayes.
Standard Oil Co. Of Ohio stock
holders will vote December % on a
proposal to issue $40, 1873 900 worth of
cumulative convertible preferred
stock to provide new capital for ex-
panding operations. The new
financing would be the first majo
change in capital structure since
1901.
Ohio Edison Co. filed with the
SEC plan to retire all of its out
standing $3.50, 81 and $7.20 series
| preferred stock aggregating $10,-
1853 ,067 exclusive Of accrued divf-
dends. Cash in the company's treas
ury will be used for the purpose
Merger of Two Big Cleveland
Banks, the Union Bank of Com
merce and the National City Bank
of Cleveland, has been proposed by
directors. Stockholders will vote De-
cember II
Cities Service Power & Light Co.
was authorized by the SEC to sell
Durham Public Service Co. to Duke
Power Co. for a base price of $2,-
/ 952, 900.
American Distilling Co. has ac-
quired control of the Moxie Co.. New
England soft drink concern. Stock
holders of the acquired company
will hold their annual meeting De-
cember 81 and 1t was understood
the new owners would assume con-
troll at that time.
Waterbury Clock Co. stockholders
voted to change the name of the
company to United States Time
corp, effective January /.
Seiberling Rubber Co. stockhold.
ers approved sale Of $1,50O,00O ~
15-year sinking fund debentures tc
Mutual Life Insurance Co. of New
York to provide for expansion OF
the plant at Barberton, Ohio.
Nash-Kelvinator Corp. earned a.
1850 or SO cents share in the
fiscal year ended September 80. COM
pared with s3,S28,355 in the preced-
ing year. Profit before taxes was
SIC, 1927 ,203, or almost s., 900 900 more
than in the previous year, but taxes
totaled $6,2l1, ,653, the income tax
item alone being up s2,60000O. The
years sales totaled sl84936, ,361
against sl22 100000 in the preceding
period.
Edward G. Budd Mfg. Co. and
Budd Wheel Co. refunded approxi-
mately $15,OO0,0O0 to the Govern
ment in renegotiation of 1912 con-
tracts. Budd Manufacturing profits
for the year were reduced from S.
222, ,096.61 to s2.722,02961, while
Budd Wheel profits were cut from
$2,752 ,269 % to $1,142 ,26922.
| South American Gold g. Platinum
Co. earned $159,214 or 9 cents a
share in nine months ended Sep
tember 30, compared with s2O8, 1894
or II cents share in the same
1912 period.
Container Corp. earned $1,363 ,583
or STA a share In nine months
ended September 30, compared with
S1,763,475 or 1922 a share in the
same months of last year.
Dresser Mfg. Co. declared a divi-
dend OF 81 a share, payable Decem-
,ber 81 to holders of record Decem-
ber II, bringing 1943 payments to