Evening star., 1943-05-28
Business Briefs
Lendable Reserves of Federal Re-

serve member banks declined $14O,-
100000 in the last week and stood at
81 800, ,000,0 900 on Wednesday, the
Federal Reserve Board reported.
Banks increased their holdings of
Government obligations $4,000 900
IN the week. Money in circulation
increased SLOT 100000.
Living Costs of wage earnings and
low-salaried clerical workers in the
United States rose 10 in April, the
Industrial Conference Board an
nounced. Food prices increased
2.3fo and the cost of fuel and light
rose 1,4rt, but other components of
the average remained unchanged.
The boards index in April stood at
l04, against 103 in March and 97.l
in April 1912.
A Pledge to Increase Production
was given en- masse by 200 indus
trlallsts at the annual convention of
the National Metal Trades Associa-
ton in Chicago. In behalf of the
entire personnel of our company, I
pledge an all-out effort to increase
the production of vital material for
the duration of the war;" they said
together at ceremony. Il pledge
the use of every facility to assure
Americas gallant fighting men on
the battlefields of the world noun :
tain Of munitions and machines to
destroy our enemies Each indus
trialist agreed to take his pledge
home with him for repetition at
plant ceremonies.
Brokers Loans on securities held
by member banks in New York CITY
totaled s99l 100000 in the week
ended Wednesday, decline of s29,-
100000 from the previous week. A
year ago, they totaled Sab, 100000.
Beatrice Creamery Co. has filed a
registration statement with the SEC
covering proposed issuance of 91,317
shares of $4.25 cumulative preferred
stock. The company proposed to
offer the new stock for exchange to
holders of IS cumulative preferred
stock, on a share for share basis,
Any shares not taken would be Of
fered publicly by syndicate headed
by Glore, Forgan & Co.
Guantanamo Sugar Co. recapi-
tallZatlon eliminating the preferred
stock and dividend accumulations
through exchange into new common
and debentures was favored in a
vote by 76re of the stockholders
declared President David M. Keiser
Two stockholders suits have been
filed seeking to prevent execution of
the plan, however.
Eastern Gas & Fuel Associates
earned $3.351 ,597, or $500 a share on
the so preferred in twelve months
ended April 30, compared with So
046, ,764, or $5l8 a preferred share in
the preceding year.
Electric AutO-Lite Co. earned ST.
228.220, or $1.03 share in the March
quarter, compared with $1,l23,284, or
"a cents a share year ago. A
dividend of so cents a share was
daclared, payable July l, to holders
of record June II.
Columbia Gas & Electric Corp. has
called for redemption by July l
total of s14,467, 900 debentures at
1927. The company announced
open market purchases amounting to
3,188,800 since January l, 1912
The retirement, scaling down funded
debt to $76,9l4,000, was made pos
sible by the sale of Western sub
sidiaries and proceeds from liquida-
ton of Columbia Oil & Gasoline
Corp. now in progress.
Sale of a Curb Exchange Member
ship was reported at $500, highest
price since December 13, 1899 The
current market is $4,000 bid and
$1,000 offered.
Standard Oil Co. of Indiana sales
in the first four months of 1e43
were approximately 10 below a
year ago, President Edward G. Seu-
bert declared. Estimated earnings
for the first quarter were slightly
below a year ago. he added.
Southern Railway Co. earned $6,-
231 .974 or $4.O3 a share in the four
months ended April 30, compared
with IS 800, 1903 or 1888 a share
year ago. April net was s1,307, ,537,
against $1,814,996 a year ago.
West Virginia Pulp e. Paper Co.
earned $1.555 ,308 or s12O a share in
six months ended April 30, COM
pared with $2,513629 or 1927 q
share a year ago.
r. Hoe & Co. earned $463,877 In
six months ended March 81, COM
pared with $522,691 a year ago.
Dresser Manufacturing Co. earned
81 1,28O,346 or 1882 share in six
ended April 80, compared
with $543,297 or $1.62 a share a
year ago. Sales totaled s31 1,563, $50,
a new record, which exceeded the
total for the full preceding year.
Directors declared a dividend of 81
a capital share, payable June 18 to
holders of record June 8. This was
an increase over two semi-annual