Evening star., 1943-06-22
Business Briefs

DuSIIICSS DfICIS
Bank Loans for commerce, indus
try and agriculture in 10l leading
cities totaled $5,625 100000 on June
l6. or $4,000 900 below a week ear
lier and 81 .28l 900 600 below year
ago, the Federal Reserve Board re-
| ported. New York City loans were
down $26, 1000 900 from a week earlier,
but gains in other districts partly
offset the drop. Holdings of direct
and guaranteed Government obliga-
tions totaled s34 25l 900 900 on June
l6, or $110,00O,OO0 above a week
earlier and Sl6,887 900 900 above q
year ago.
Efficiency Suffers under the wage
and hour law when manpoWer is
scarce, whatever the laws value in
times OF peace, according to Leo J.
Sheridan, Chicago, president of the
National Building Owners and Man.
ayers Association, who spoke at the
opening of the associations second
war council in ST. Paul. He con-
tended that the depression born act,
designed to spread work is merely
a increasing expedient in the
present period of manpoWer short
age and that its operation should
be suspended until there is again a
need 10 spread employment.
Business Failures increased to 7S
in the week ended June IT, COM
pared with 54 in the previous week.
but were we'll below l80 in the like
1912 period, Dun e. Bradstreet, Inc,
reported.
Prices in the week ended June 10
we're reflected by the Fertilizer AS
sociations index, which stood at
1851, compared with 1855 in the
preceding week, 1853 month ago
and 1911 year ago. The index
was lower for the second consecu-
tive week.
Offering Of 10000 Shares of the
common stock of American National
Trust & Savings Association will be
made tomorrow or Thursday by a
large banking group headed by
Eastman, Dillon & Co.
United States Smelling. Refining
& Mining Co. reported estimated
| consolidated net earnings of ST.
/ l44,336 or 81 cents share after all
charges, including allowance for
taxes, for the first five months of
l943. compared with Sl,676,30l or
/ Sl.38 a share in the same 1912
period Directors declared divi-
dend of IS cents a common share.
payable July Is to holders of rec
ord July /.
Warner Bros. Pictures, Inc,
earned $4.1411 1899 for six months
ended February 27 or slO6 a COM
mon share after preferred dividend
requirements. This compared with
S3,802 ,055 or SO cents a share in the
same 1912 period. In the latest
period, no provision was required
for contingencies, whereas last year
S525 900 was set aside for that pur-
| pose.
General Motors Corp. has repaid
the last $50,000,000 of the $1,000
WV oOiAoWSo 1lOlll a ldI &c
of banks throughout the country last
october when a $1,000 100000 "V"
loan was arranged by the corpora
ton with the assistance of the Gov
ernment to finance war contracts.
Although now free of actual debt
under the "V" loan Arrangement,
the credit will still be available up
to February 2s 1916. if the corpora
ton should desire to call on it at
any time.
American Home Products Corp.
announced expansion in the field of
biological products through the af-
flliation of E. E. Bartos, Inc. of
Locust Valley, New York, with
Reichel Laboratories. Inc, Home
Products subsidiary The Bartos
company manufactures and distrib-
utes streamlined method for de-
termining protein allergies through
intracutaneous injections.
Merger of Three Fire Insurance
Groups has resulted in creation of
nationwide body called Factory In
surance Association with head
quarters in Hartford. Conn. The
new organization, which will begin
to function July /. is a merger of
the Factory Insurance Association
Hartford; Western Factory Insur-
ance Association. Chicago, and Pa
ciflc Factory Insurance Association
San Francisco. The new organiza-
tion was approved by representa-
tives of So capital stock fire insur-
ance companies.
Magnolia Petroleum Co. an
nounced seven-cent per barrel in
crease in Texas Panhandle District
crude oil prices, effective June 16.
New prices range from SO cents to
$l22 a barrel