Evening star., 1943-05-21
Business Briefs
Revision of Short Sales Rule. de.

-
signated as X-l0A-1, under the Sc
curities and Exchange Act Of 1884,
was announced by the SEC. The
revised rule provides that ''in de-
termining the price at which a short
sale may be effected in a security
that has gone ex-dividend, ex-right
or ex-other distribution, all sale
prices for the security prior to the
lex" date may be reduced by the
value of such distribution. The
former rule tended to prevent short
sales in certain cases not intended
at the time of its adoption, the SEC
said.
Bituminous Coal Output in the
week ended May Is approximated
l2,250, 900 tons or a gain of $40
over II 1923 900 a year ago, the Ma
tional Coal Association estimated.
Production in the previous week
was 10,20O,0OO tons. From the first of
the year to May Is production ap-
proximated 226. 1890 900 tons, against
2l5070,O00 a year ago.
Brokers' Loans on securities held
by member banks in New York City
totaled $1,000, 100000 in the week
ended Wednesday, or a decline of
$168. 1000, 900 from the previous week,
the Federal Reserve Board reported.
A year ago loans totaled $685.
600 OOO.
Life Insurance Payments to per-
sons in the United States and Can
ada in 1912 totaled $2835, ,271 1928,
reported the magazine National
Underwater, in its annual summary
Payments averaged $7,768, 1868 a day
of which beneficiaries received So
175,099 a day and living policy
holders s4,592,769 a day. Largest
individual death payment in the
United States was $2,85O,OOO and
there were three payments of more
than 81 900 900, the publica ton said.
Construction Contracts in 81 East
ern States declined 119o in April
from the preceding month and were
800 below April, 1912. F. w. Dodge
Corp. reported. The latest total was
1903 .371 900.
Florfda's Three Cent Cigarette
Tax. expected to raise $3,50O,OOO a
year, was passed by the State Sen
ate, Is to IL, but amendments will
send it back to the House, where it
previously passed IS to q. Quick
approval by the House was predicted
Gulf Oil Corp. has filed a registra-
ton statement with the SEC pre-
liminary to making a secondary Of
fering Of 754.500 common shares
worth approximately $38,OOO,OOO at
current market prices, the New York
Sun reported The Mellon Securi-
ties Corp, mentioned in the state
ment as the principal underwater of
the proposed offering. which does not
involve issuance of new stock, also
was listed as owner of SAG 900 of the
shares, the Sun said. The Mellon
family will own about 60%o of Gulf
Oil stock after this sale, the paper
added.
Postwar Reserves for Bus Com
panies were advocated by Walter r
Mcdonald, chairman of the Georgia
Public Service Commission, who in
vited regulatory bodies of other
Southeastern States to join move
to force companies to take such ac-
ton.
Chicago & North Western Railway
Co. attorneys have filed with the
1CC petition asking for reopening
further hearing and modification of
the roads reorganization plan. Cit
ing substantial changes that have
taken place since the plan was ap-
proved, the attorneys declared that
had the supply of cash in debtors
estate been of the volume it is today
undoubtedly this commission would
have required the payment OF the
claim of the RFC in cash."
Pere Marquette Railway reported
April net income of $5O8, ,727 on a
gross of $4,752,539, compared with
$3.50, $40 on gross of $3,534, 1881 for
the same 1912 month.
Duriron Co. has registered with
the SEC proposed 70.000-share is
sue of IS par value common stock.
Underwriters headed by Lee Higgin-
son Corp. of New York would buy
57700 outstanding shares of the
stock from the Chase National Bank
and the remaining 12,300 shares from
Duriron.
Brown Instrument Division of
Minneapolis Honeywell Regulator