Evening star., 1943-08-31
Business Briefs

Wartime Population Shifts into
the armed forces and to war pro-
duction centers were disclosed by
the Industrial Conference Board,
which reported seven North and
West Central States lost 80 of their
population between April, 1910, and
May of this year. Largest increases
were in California, District Of Co
lumbia, Florida, Washington State,
Maryland and Virginia, each up
more than 100000 persons. The
Nations net loss of civilian popula-
ton to the armed forces in the
same period was estimated at 24qo.
Bank Loans for commerce, indus
try and agriculture in 101 leading
cities totaled $3.50 100000 on Au-
gust 25, a gain of $1,0O0,O00 from
week earlier, but decline of $780,
000,0 900 from a year ago, the Federal
Reserve Board reported. Holdings
of Government obligations, both
direct and guaranteed, totaled $34,-
209, 100000, decline of $685., ,o00, 900
from a week earlier, but $13,645,-
000, 900 above year ago.
The Army Will Need Less Canvas
Goods ''for the immediate future"
Maj. Gen. Clifford L. Corbin told
the National Canvas Goods Manu-
facturers' Association. He said the
Army was arranging with the WPB
for release of some machines In
order that firms completing Gov
ernment contracts may return to
civilian production.
Another Round in an Old Contro-
versy developed when Otis & Co.
sent letters to all members of the
Investment Bankers Association op-
posing the IBA's stand against COM
petitive bidding for railroad securi-
ties. AS members of the IBA since
it's organization 81 years ago, we
have today informed the Executive
Committee We believe it has reck-
lessly compromised the association
in deciding that a brief against COM
petitiye bidding for railroad securi-
ties should be filed with the ICC in
the associations name, the letter
said.
Kidder Peabody g. Co. and a
banking group were high bidders
for a new issue of $17,0OO,0 900 Iowa
Light & Power Co. 81 % first mort
gage bonds due in 1878. The bid
was 107.56.
Pennsylvania Electric Co. awarded
$4,000, 900 first mortgage bonds of
1873 to syndicate headed by Sala-
mon Bros. & Hutzler on a bid of
105.577 for the issue at 31as. A
group headed by Smith, Barney g.
Co. was awarded 35 900 shares of the
company's 500 par value $4.40 pre-
ferred stock on a bid of 1O3.516.
Both issues will be reoffered after
SEC approval.
Idaho Power Co. common shares,
which were awarded to a group
headed by Lazard, Freres & Co. last
Thursday, will be publicly reoffered
Wednesday, 1t was reported in finan-
cial circles. The price is expected
to be around $25 share. The stock
is being sold by Electric Power g.
Light Go. as part of its divestment
program.
High Bid for $4,000, 900 Bonds of
West Texas Utilities Co. was sub
mitted by a banking group headed
by First Boston Corp, which offered
10l.605 for the issue as 31ss. Funds
will be used for refunding the pres
emily outstanding first mortgage
3ATo bonds. Upon official award,
reoffering is expected at 1O2.46, to
yield 80.
Baltimore g. Ohio Railroad award
ed s4,000,0oO equipment trust certifi-
Gates to Halsey, Stuart 81 Co. and
associates on a bid of 100057 for
the issue as IS.
BOhn Aluminium & Brass Corp.
earned $1,088,029 or $500 a share in
six months ended June 80, compared
with $802, ,297 or $2.28 a share in the
same 1912 period.
Dresser Manufacturing Co. earned
$2,274,455 or $6.79 a share in nine
months ended July 81, compared
with per share earnings of $3.O5 in
the same period of the previous fis-
cal year. The nine months net ex-
ceeded profit of s515 a share for the
full II months of the 1912 fiscal
year. Sales in nine months ended
July 81 totaled $40 ,926,513, compared
with $17,544,483 in the correspond
ing period a year ago.
Childs Co. officers will be ques-
toned in an investigation of the
company's affairs ordered by Fed
eral Judge Edward A. Conger at
New York. The order, requested by
John F. x. Finn, reorganization
trustee, directed that hearings begin
September 8 before Special Master
Robert P. Stephenson.
Commonwealth g. Southern Corp.
Of Delaware asked SEC approval of
a proposed dividend of rs cents
share on an aggregate of Sill 500
of outstanding preferred stock. The
SEC announced that September 8
has been set for a hearing on the
company's plan to reacquire for can
collation. 32,627 shares of its pre-
ferred stock with $2,50O,0O0 dele
gated for this purpose.
Business Failures in the week
ended August 26 totaled As, COM
pared with 81 in the preceding week
and 14l in the corresponding 1912
week, Dun g. Bradstreet, Inc, re-
ported.