Evening star., 1943-11-06
Business Briefs
The Question Of Comp.titjv. nj,

s'AH6 oAA SCCuIlllcS WAS taken
f'under advisement" by the ICC after
a day-long hearing in which charges
and denials OF monopoly in rail-
road financing were heard. Advo-
Gates of a competitive bidding rule
led by Halsey. Stuart 81 Co. and Otis
dS Co, charged that two New York
hrms, Morgan Stanley & Co and
Kuhn. Loeb & Co, had a virtual
monopoly. Their opponents replied
that no evidence whatever had been
( presented of banker domination of
the carriers and contended that rail-
roads should be allowed to sell their
securities where they wished.
Industrial Rayon Corp. will trans
fer its entire cloth division from
Cleveland TO its Covington. Va.
plant. Equipment will be installed
in the existing plant by rearranging
facilities. No increase in overall en-
ployment is indicated at the Vir-
ginia plant.
ChrysIer Corp. directors have ap-
proved AN agreement with the Ma
tional Bank of Detroit and the Cen
tral Hanover Bank & Trust Co. of
New York as clearing agent for a
$3.50 900 900 revolving credit avail
able March 2. 1947. The board also
declared a dividend OF IS cents a
share on the common stock. payable
December IA to holders of record
November 10.
Sun Oil Co. declared an extra divi-
/ dend of so cents a share in addition
to the regular quarterly dividend of
! 25 cents on the common stock, both
payable December Is TO holders OF
record November 26 This is the
first cash extra declared by the Arm
in recent years
! Seaboard Airline Railway security
holders were warned by Federal
! Judge w. Calvin Chestnut at Balti-
more TO gather around a conference
table" and compromise differences
or expect the l3-year receivership
/ to run several more years.
/ international Harvester Co. will
ask the WPB 10 approve conStruc-
ton of new factory at Memphis
to produce mechanical cotton
pickers
Borg Warner Corp. earned s7,348,-
588 in nine months ended September
30. compared with s6,062 los a year
ago. Directors declared a dividend
Of 40 cents a share on the common
payable January TO holders OF
record December IA.
Link Belt Co. earned sl.7l5,l95 or
s2.20 share In nine months ended
September 30, compared with ST.
s36.448 or $252 share year ago.
Pittston Co. earned sl,051 BOT in
nine months ended September 80
compared with S44O,246 in the same
1912 months. Provision for Federal
income taxes totaled 1894 ,255 against
s469, ,653 in the same period last
year.
Federal Water & Gas Corp. earned
S1,874,911 in twelve months ended
September 30, compared with ST.
254,964 in the preceding year
Wisconsin Power e. Light Co
earned $1,661.871 in twelve months
ended September 30, compared with
a revised net of $1,547,2 in the
previous twelve months
American Chicle Co. declared an
extra dividend of so cents a share
in addition to the regular quarterly
dividend of 81 on the capital stock
both payable December IS to holders
of record December l.
Lerner Stores Corp. sales in Octo-
her totaled $6,354,141 against $685.
613 in October, 1912, a gain of 3.7%o
In nine months ended October 81
they totaled $50 ,SO6, 1877 against s44,-
979,146 in the same 1912 period, a
gain of 1867.
McCrory Stores Corp. reported
October sales totaled $5,748,668
against $5,655,982 a year ago, an in
crease OF 1.6%e. Sales in ten months
were $51 ,452 $40 against SAG, 500 ,8O9
a year ago, gain of 1867.
F. w. Woolworth Co. reported
October sales of $37,146,0O5 against
$3S,473,914 year ago, a decline of
l3.4%. Sales in ten months ended
October 81 were s338, 8,805,415 against
1922 ,599,576 year ago, an increase
of SO.
Standard Oil Co. of New Jersey is
disassociating itself from five natural
gas companies it owned and they
will hereafter be operated by the
Consolidated Natural Gas Co. of
New York, employees of the Hope
Natural Gas Co. at Clarksburg, w.
Va, were told by Frank H. Lerch,
jr., president of the newly formed
consolidation. Details of the merger
have been carried previously in this
column.
Phillips Petroleum Co. announced
that Paul Endacott, vice president
and assistant to the president, had
been elected a director and member
Of the executive committee.