Evening star., 1943-06-23
Business Briefs

Electric Power Output in the week
ended June 10 rose to a new record
of 1898, ,40l 900 kilowatt hours, COM
pared with 4,040,376, 900 in the pre-
ceding week, and was 19.4eo above
3,433, III 900 in the same 1912 period
Regional gains over a year ago:
Pacific Coast, 27.4eo; South, 1880:
mid-Atlantic, 17.7To; Central Indus
trial, 1917 West Central, 1897;
Rocky Mountain, 1856; New Eng
land, $40.
Industrial Production In May re-
manned unchanged on average COM
pared with April, as declines in coal
and other civilian lines offset num-
ton gains, the Federal Reserve
Board reported. The boards index
was 203%o of the 1859 average.
Activity in munitions industries
continued to rise, the board said,
pointing to the new airplane pro-
duction record of 1900 in May.
War Production Will Be Threat
ened by the drafting of all physi-
cally-flt industrial workers and ex-
ecutives under 38 years of age, the
National Industrial Conference
Board reported after survey of
212 firms. Further loss of man
power would be felt seriously in the
executive class" the board declared,
according to 6Seo of the companies
which stated that no further with
drawals can be made from this
group without gravely hampering
production"
Defending Administration Poll
cies, the Commerce Department re-
ported after study Of 232 small
businesses closed recently that
practically none of them blamed
Government price or other policies
for their closing. The report said
''of several factors most frequently
cited by operators as of ma jor i'm
portance in causing liquidation un-
der current decisions, the three out
standing were: Scarcity of mer-
chandise, loss of personnel and
alternate opportunity for employ
ment."
War Goods Valued at $685., ,000, 900
were turned out by automotive
plants in May, compared with s670-
000, 900 in April, the Automotive
Council for War Production an
nounced. The May total was equal
to an annual rate of 1920, 900, 900,
said George w. Romney. managing
director of the council. Employ
ment likewise has increased sharply
and at present l,22l00 salaried and
hourly rated workers are on the
payrolls. More than $4,000 are
women.
Philip Morris g. Co. sales in the
fiscal year ended March 81 rose 25Ge
to sl4l 046.6l5 from SLIP .309 ,839 in
the preceding year, but higher to-
bacco prices and taxes cut net in
come liz to $6,930,e33 or s612 a
common share, against $7,784,135 or
So share in the preceding year
Current assets of S82,066,048 COM
pared with s62, 1877 ,298 a year earlier
while liabilities of Sl5,ll7,635 COM
pared with sl7,204.l21 Inventories
increased to s70,569,57S from s53,-
1887.
international Telephone & Tele-
graph Corp. and Western Hemi-
sphere subsidiaries earned Sl,247957
! in the March quarter, against sl65,
7l2 a year ago. For the parent com.
pany alone there was a net loss OF
s653, 1873. against a loss of $l,014,074
year ago.
Federal Light 4 Traction Co. pro.
poses to purchase not more thar
100000 worth of its s6 cumulative
preferred stock in the open marke
within the next year. The SEC viii
hold hearing on the plan June %
International Utilities Corp. asked
the SEC to grant it permission tc
contribute 100000 in cash to Do.
minion Gas & Electric Co. sub.
sidiary. The 100000 would aid in 6
proposed recapitalization of Inter.
national and the eventual mergel
Of the two companies, by satisfying
sinking fund requirement of Do.
minion on its 6l2ro collateral trus
bonds.
Jacobs Aircraft Engine Co. an.
nounced May production of aircraft
engines and spare parts exceeded
all previous monthly records anc
equaled more thain eight full years
average preWar production.
Massachusetts, Investors Secont
Fund reported net assets equal Il
sl0.0l share on May 81. gain o.
46fc from $685. a share on Nav 81
1912. Assets totaled s9,529.56l
against s6.l50,3 1865 year ago and thu
number of shares outstanding rost
to 952,2l8 from 897.932 a wear ago