Evening star., 1943-04-20
Business Briefs

Bank Loans for commerce, indus
try and agriculture in l0l leading
cities declined S16,0oO,0OO in the
week ended April IA and stood at
S. ,594 100000 on that date. The
total was $1,354 100000 below a year
ago, the Federal Reserve Bank re-
ported. Holdings of Government
obligations increased SAT-, 100000 in
the period to $29,475 900 900, or $13,-
029. 100000 above a year ago.
Cotton Spinning Operations of
the Nations textile mills declined
to 134.4oo of capacity in March,
compared with 1359qo in February,
but were slightly above l343qo for
March last year. Spinning spindles
in place March 81 totaled 1854, ,788,
of which 22,925, ,194 were active at
some time in the month, compared
with % ,859,16O active spindles in
February and 23,1O8,966 in March
1912.
Factory Employment rose about
100000 in February to reach approx
imately 100000, new record, ac-
cording to the National Industrial
Conference Board. Total employ
ment climbed fully 100000, raising
the total Including men in uni
form) to $500, 900, or about 100000
more than year ago Farm en-
ployment was about 100000 behind
year ago.
Phelps Dodge Corp. Expansion has
cost $52.200000 in six years, Presi-
dent Louis S. Gates told stockhold-
ers. A large part was for opening
up the Morenci property in Arizona.
He said he believed the company
would earn as much in 1943 as in
1912, when profits equaled $277 a
share before depletion and S185 a
share after depletion, but added his
estimate might be affected by Fed
eral taxes.
More Coffee is Available for con-
sumer use than at any time since
rationing began last October, ac-
cording to W. F.. Williamson, secre-
tary of the National Coffee Associa-
ton.
Consumption of Iron Ore by steel
mills climbed to 1924 gross tons
in March against 7,1O3914 in Feb
ruary and 7,1O8,687 in March l942,
the Lake Superior Iron Ore Associa-
ton reported. First quarter con-
sumption reached a new record of
22,592,5 $40, against 20,670,672 a year
ago.
Atlantic Coast Line Railroad re-
ported 1912 operating revenues of
5,l08,820. gain of 7077eo over
l941. Net income was S22,619,354, an
increase of 1O318Ts, while taxes
climbed to S23eOO,O0O, a gain of
264.71fc. The number of passengers
increased 105.319o while freight ton
mage rose 1885,. Officers and di-
rectors were reelected at the an
nual meeting.
Pennsylvania Railroad earned So
991, ISL or 80 cents share in the
first two months of 1943. compared
with a ST ,589, ,637 deficit in the same
1912 period.
Atlantic Refining Co. earned ST.
$4,000 or IS cents a share in the
first quarter. compared with 1,237,-
600 or Al cents a share a year ago.
Both figures are after interest. de-
probation, taxes and similar items.
Caterpillar Tractor Co. earned
$1,375, ,222 in the first quarter,
against S1,127, ,002 year ago. March
net profit was S491 ,558, compared
with s371,297 in March 1912.
National Biscuit Co. earned ST.
632. .186 or IS cents a share in the
first quarter. after provision of So
830,707 for income and excess profits
taxes and deduction of postwar re-
serves. In the 1912 period, ret profit
was S2,431,2 or 80 cents a share.
Foote, Cone & Belding, successors
to Lord & Thomas, advertising firm,
announced appointment of William
L. Day as vice president and men,
ber of the board Day has left his
rncifiNv, 1Y,ifl, o.