Evening star., 1943-12-03
Business Briefs
We Are Consuming CAPITAL rath,

r. Caoman, econom1St OF the Amer
ican Bankers Association. who, In
address before the ABA conference
on savings banking. warned that
this is "an outstanding phenome.
non Of our present-day economic
life" He added "the gigantic task
which lies ahead is to vitalize - :
purchasing power by investment in,
and by the profitable operation of
productive enterprise. Unless we do
this courageously, We are likely to
witness the greatest economic crisis
in our history"
| Taxes Will Pay Nearly Half the
total expenditures of the Federal
Government under present and pro-
posed levies, despite the tremendous
wartime size of the budget, the Ma
tional City Bank estimated. Includ-
ing social security revenues, the
bank said collections would approx
innate 47% Of total outlay. It noted
that In Britain the 1914 budget
shows taxes Of $685. and said that
Canada's percentage Is 468 Slightly
under Canada's own estimate)
Money In Circulation on Decem-
Der l totaled $19,940, ,000, 900, a gain
OF $2l4.000, 900 from a week earlier
and IS 5,092, ,000, 900 above a year ago,
the Federal Reserve Board disclosed
in its weekly summary OF member
banks condition. Member reserve
balances totaled $l2,562 90 900, an
increase Of $3.50. 900 900 from a week
earlier. but q drop of $27S. 900 900
from a year ago. Excess reserves
totaled $l,l00, 900 900. . rise of $780,
900 1000 from q week earlier.
Department Stores Sales In the
week ended November n were 139s
above . year ago, while sales in the
four weeks ended the same date
were 15% above year ago, the
Reserve Board also reported.
Bituminous Coal Production In
the week ended November ~ ap-
proximated 12,450, 900 net tons, COM
pared with 12,700, 900 in the preced-
ing week, and 1857 above 1885,
900 in the like 1912 week, the Ma
tional Coal Association estimated
on the basis Of incomplete loadings
data. Production for the year to
date approximated $40 ,020, 900 tons
against 528,350, 900 = year ago.
Majestic Radio l. Television Corp.
registered with the SEC 70,925
shares Of / cent par value common
stock to be offered to the public at
$3,75 share. jerks, Kirkland &
Co. OF Philadelphia is the principal
underwater. The spread has been
set at 6k cents q share.
Ford Motor Co. has transferred
its advertising account formerly
handled by Maxon, Inc, to ]. Wal
ter Thompson Co. Of New York, the
Ford News Bureau announced.
Greyhound Corp. earned $8,546,-
IA or 1902 a share in nine months
ended September 30, compared with
$6,8ll ,585 or $3.50 share in the
same 1912 period.
Sherwin Williams Co. earned So
1876 1923 or $4.59 share in IL months
ended August 81. compared with
IS ,329 ,256 or $7.43 share In the
previous year.
Hayes Industries, Inc, earned
$237.7ll or II cents share in three
months ended October 81. compared
with $205,l44 or 81 cents a share
in the same 1912 period.
Waukesha Motor Co. earned S224,-
388 or Sc cents a share in three
months ended October 81, compared
with $l52 ,383 or 80 cents a share in
the same period last year.
Baltimore Transit Co. reported net
income Of 81 .240 ,329 in the first ten
months Of this year, before special
provision for war services and ac-
celerated depreciation, compared
with a net loss of $77.459 for the
same period last year. Revenue pas
sengers totaled 223 1877 ,431, a gain of
1887 over a year ago
Southern Pacific Transportation
Co. and affliates. excluding Mexican
lines. earned $64,5l0,624 or S17.l0
share in ten months ended October
81, compared with So, 3,04o,el4 or
$l6.7l a share a year ago.
Radio Corp. of America declared a
dividend Of 20 cents share on the
common, payable January Is to
holders of record December II. This
will be the nrst payment for the year
and is the same as the amount paid
at the close Of 1912.
L. s. Starrett Co. declared a divi-
dend Of rs cents on the common.
payable December 80 to holders of
record December II. The total for
1943 will be $3.50 against $225 in
1942.
General Gas l. Electric Corp. pro-
posal to pay quarterly dividend Of
$125 on its IS prior preferred stock
out Of capital or unearned surplus
was approved by the SEC. The pay
ment will cover the quarter ended
December IS, 1912.
Calumet 4 Hecla Consolidated
Copper Co. declared a dividend of
20 cents q share. payable December
"a to holders Of record December
II. Dividends for ls43 will total 90
cents against 81 in 1912
Dow Chemical Co. declared a div
idend Of 50 cents q share on the new
cumulative series A preferred, pay
able January is to holders OF record
January 3. First payment on this
stock, it was computed at the rate
Of 81 quarter for the period from
November ~, 1943, to January IS,
1914.
Beatrice Creamery Co. declared a
special dividend Of 65 cents in addi-
ton to the quarterly dividend OF IS
cents q share on the common, both
payable January to holders OF re-
cord December l3. Payments for
the year will total $1S5 . share
against SITS in 1912.
Consolidated Cigar Corp. declared
dividend of 81 q share, payable
December II to holders OF record
December II. Previous payment
WAS Il 50 on December a 1910