Evening star., 1943-10-08
Business Briefs

NNSb1BSSS DIsC
Money in circulation expanded
another $65 ,0O0, 900 in the last week
and stood at sls,SS3 ,0OO, 900 on
Wednesday, gain Of $5,053 ,0O0, 900
over year ago. the Federal Reserve
Board reported in its summary of
member banks condition. Member
reserve balances totaled $l1 ,9O3, ,0OO,-
900, a decline of $15l 900 900 from a
week earlier and $l02 100000 above
a year ago. Excess reserves totaled
s1,77O0 ,000,O 900, a drop OF $4,000 900
from week ago.
Department store sales in the week
ended October were SO below a
year ago, while sales in the four
weeks ended the same date we're SO
above a year ago, the Reserve Board
also disclosed. September sales
showed less than seasonal in
creases after unusually large VOL
umes in July and August.
National bank gross earnings in
the first half of 1943 totaled $685.
258, 1000 in 5066 institutions, an in
crease of $34 ,425 900 over the earn
ings of 5,107 banks in the same 1912
period, Comptroller Preston Delano
announced. Operating expenses of
$348, ,l31 900 were up $l3.955 900,
while net profits before dividends
were $l57,438,00O, a gain OF $44,-
82l 900.
War production of auto plants IS
nearing 10.000,O00.00O a year and
the peak has not been reached, &C
cording to the yearbook of the Au-
tomobile Manufacturers Association.
The annual rate isc now double the
output of civilian goods in the best
peacetime year, the yearbook re-
vealed.
Americas Military Destiny is in
most competent and able hands, !"
declared William P. Witherow,
chairman of the National Associa-
ton of Manufacturers and presi-
dent of Blaw-Knox Steel Co., after
attending a two-day conference of
War Department officials and $50
leading executives. He said the
conference has done "immeasurable
good" and avoided much misunder-
standing that might arise as diff
ferent orders are given to change
models and production.
Higher Wholesale G o m m i t v
Prices in the week ended october 2
were reflected by the Bureau of La
Dor Statistics index, which rose .leo
from week earlier. The index was
$3.50 above year ago, 1857 above
the corresponding 1887 date and
$50 above the average for October
1929.
Brokers Loans on securities held
by member banks in New York City
totaled 1887 5000 on Wednesday,
gain of $4l.00o,o00 from a week
earlier and s1,274,0oO 900 above a
year ago, the Reserve Board re-
ported.
McKesson & Robbins, Inc, filed
with the SEC a registration state
ment covering proposed issuance of
10000 shares of 81 cumulative pre-
ferred stock, no par value. Pro-
ceeds would be applied toward re-
demption of the 5i4ce cumulative
preferred stock at sl09.5O a share
and l5year 3laco sinking fund de-
bentures at l07@. c,. Goldman.
Sachs g. Co. was listed as principal
underwater. -
Delaware Power & Light Co. filed
with the SEC a notification Of regis
tration under the Holding Company
Act The registration would take
effect when merger Of Eastern Shore
Public Service Co. of Delaware into
Delaware Power becomes effective
Subsidiaries named were Eastern
Shore Public Service Co. of Mary
land and Eastern Shore Public Serv-
ice Co. Of Virginia, operating utili-
ties OF Eastern Shore Of Delaware.
Lehman Corp. reported net asset
value of $37.5l share on September
30. compared with $3735 on June 80.
Gross assets were S75287.092 with
ll.6ec in cash. receivables and Gov
ernment bonds. 1886 in common
stocks and l29Co in preferred shares
and corporation bonds.
Universal Pictures Co. directors
declared a dividend of 81 a share
on common stock, payable October
80 to holders Of record October 25.
1t will be the first payment on the
common in the firms history. I'M
proved earning power plus
sounder financial framework
brought about largely through mer-
ger of holding and operating COM
panies eliminated in the dividend
action" said Chairman j. Cheever
Cowdin
S. H. Kress Co. reported Septem-
Der sales of s9.370.127, against So
598,875 in the same 1912 month, a
drop of 49,.
E. r. Squibb e. Sons earned 81
ass 1888 or s4Sl a share in the fiscal
year ended June 80, compared with
S2.432 1856 or $50l share in a
smaller number outstanding in the
previous year.
United Air Lines reported that in
the last so days it completed 997es
of all mileage scheduled, including
both transcontinental and Pacific
Coast operations. The performance
record was regarded as an indication
of wartime efficiency of air trans
port operations.
MaSOnite Corp. earned 81 ,256 .243
or $204 share in the fiscal year
ended August 81, compared with
revised net of sl.6l6,806 or s27l
share in the preceding year. Sales
set a new record of $18.763 ,938. COM
pared with sl7044.l52 in the pre-
ceding year, but rising costs of ma
terials and operations reduced
profits.
North American Rayon Corp.