Evening star., 1943-12-14
Business Briefs

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Business Briefs
Government Deposits in member
banks of 101 leading cities totaled
ST ,985 900 900 on December 8, drop
of $1,146, 100000 from only a week
earlier, but $4,573,000,000 above
year ago, the Federal Reserve Board
reported. Government obligations
held by the banks totaled S36,823,-
100000, decline of $518, 1000, 900 from
a week earlier, but $11 ,930,000,O0O
above year ago. Demand deposits
adjusted increased $424 900 in the
week, while loans for commerce
industry and agriculture gained
$16,000,000.
Central Vermont Public Service
Corp. rejected a single bid received
from a banking group headed by
Hartman, Ripley & Co. and the
First Boston Corp. for $4,000 shares
of common put up in competitive
sale. The financing was announced
in connection with the proposed
merger of Twin State Gas & Electric
Co. with Central Vermont.
Standard Oil Co. of Ohio regis
tered with the SEC 101 ,389 shares of
S100 par value cumulative convert
ible preferred stock and an indeter-
inmate number of $25 par value
common shares. The common will
meet conversion privileges of the
preferred and will not be offered
separately. Subscription warrants
for the preferred will be issued to
present common holders at the rate
of one for each eight common shares
held. Preferred shares not sub
Scribed will be sold to underwriters.
Shell Oil Co, Inc, announced it
would add 98 new service stations
to Middle West marketing facilities
before the end of the year. The
company said 10 of the new outlets
would be in Cleveland. in In
dianapolis, 9 in st. Louis, 7 in Co.
lumbuS and in Peoria.
Colonial Airlines revealed plans
for a postwar flying wing type
freight plane capable of carrying a
Acton payload Of refrigerated food
at the low cost of cents ton air
mile. The plane will be constructed
by Canadian Car e. Foundry Co..
Ltd. Containers weighing 2lh tons
will be loaded into the plane in
much the same manner as block
buster bombs now are loaded into
raiding planes.
Red Bank Oil Co. Of New York has
purchased controlling interest in
Seatex Oil Corp. Of Texas for a
reported consideration of 100000
Seatex reserves recently were listed
at about 100000 barrels Of oil and
distillates.
National Gypsum Co. will spend
more than S4,000,000 for plant i'm
proVements and new additions to
meet needs of the anticipated post
war building boom. President Mel
vim H. Baker said plans were based
on expectations that 100000 homes
would be built annually for 10 years
after the conflict ends.
WHY'S Overland Motors, Inc. has
greatly improved its working capital
position to meet postwar conditions.
President Ward M Canaday told
stockholders in a letter. Untitled
orders on the firms books now ap-
proximate s200,O0O000. the recently
elected executive added.
Safeway Stores, Inc, reported
sales in four weeks ended Deem
Der totaled S45.875,18 against s46.-
382,6l1 in the like 1912 period, a
decline of III. Sales in 48 weeks
ended the same date totaled S542.-
l66,4l5 against s553 .2O6.66l a year
ago, a decrease Of 2.0G.
American Power & Light Co.
earned S16,019607 or s9.O4 a share
on the S6 and IS preferred stocks
in dividend arrears during the year
ended October 81, compared with
s9823, ,789 or 1854 a share on the
same shares in the previous year.
Rath Packing Co. earned S1873 .676
or S2.46 A share in u months ended
October 81, compared with S2214. .508
or S2.95 a share il the preceding
year
General Shoe Corp, earned 81 .229.-
l36 or $1,90 share in the year ended
October 81, compared with sl023 .373
or S1.57 share in the previous fiscal
period
Northrop Aircraft earned s293, ,642
or IA cents share in three months
ended October 81, compared with
Sl,249,535 or S3.l3 share for the full
1912 fiscal year. Deliveries for the
three months totaled S18,S18.55o
against Sl3,593,453 in the same 1912
period.
Pepsi-Cola Co. announced pur-
chase of Central Espana Sugar Mill
in Matanza Province. Cuba. from the
Chase National Bank for an undis-
closed price. The property includes
77,000 acres of sugar land, the mill
and refinery.
Sprague Warner Kenny Corp. has
sent an offer to all common share
holders of Western Grocer Co. of
MarShalltoWn, Iowa to buy not less
than 1885 shares of the common of
Western Grocer at $17.50 a share.
No change in policy or management
of either company is contemplated.
Delta Air Corp. mail rates between
Fort Worth and Charleston, S. c.
and Atlanta and Cincinnati were
reduced by the CAB to $40 of mill
pound mile. The change will cut
annual mail revenues 1922, ,324, the
CAB said.
Central of Georgia Railway trus-
tee was authorized by Federal Judge
A. B. LoVett at Savannah. Ga. to
pay $1,250,000 interest to mortgage
trustees of the first mortgage, the
consolidated mortgage and the
Chattanooga 81 Southern mortgage.
Florida Light & Power Co. will be
given hearing by the SEC Decem-
Der 21 on its amended rcfnancing
plan. Under the plan, Florida, a
subsidiary Of American Power &
Light Co., would issue S45,0O0,OOO
principal amount OF first mortgage
bonds, SlO,O00,0O0 of sinking fund