Evening star., 1943-12-24
Business Briefs
United Public Utilities Corp, w

mington, Del, and subsidiaries have
been permitted by the SEC to carry
out a plan submitted in connection
with the commissions order for
United to divest itself Of all interest
in Louisiana Ice Service, Inc. United
will use proceeds from the sale Of
securities of Louisiana Ice, consist
ing Of 857 ,288 In 6 per cent promis-
sorry notes and 1,500 shares Of COM
mon stock of 500 par value, and
from the sale Of Alabama United Ice
Co., another subsidiary, for the open
market purchase Of United's Series A
per cent bonds. United must detail
its bond purchases.
American Securities Shares, st.
Louis, has scheduled hearing jan
uary 3 before the SEC on its request
for an order declaring it is no longer
an investment company within the
meaning Of the Investment Company
Act of 1910.
AU. S. Treasury report shows that
liquor imports, as reflected IN No
vember sales of Internal Revenue
stamps, exceeded 5000, 1000 gallons
for the second consecutive month.
November imports were estimated at
5,183 900 gallons, compared with
5,083 900 gallons in October. Stamp
sales for domestic liquor in Novem-
ber covered $4,000 gallons, an in
crease Of 10000 gallonss over the
previous month.
Consolidated Electric and Gas Co..
New York, has applied to the SEC
for exemption from competitive bid
ding requirements so that it may sell
400 900 shares of its subsidiary. Gen.
tral Illinois Electric and Gas Co.,
Rockford, ILL.,, to Central Republic
Co. Of Chicago. Central Illinois has
registered the stock with the SEC,
stating that the entire proceeds
would go to Consolidated.
United Air Lines new preferred
stock will be convertible into COM
mon stock at $50 a common share,
the conversion privilege to run until
Jan. /, 1855, it is announced. The
announcement followed action Of
the company's shareholders in au-
thorizing 100000 shares OF Az per
cent cumulative preferred stock, and
making various changes In the COM
pany's capital structure. The COM
pany,s registration statement for the
new preferred is expected to become
effective December %.
Federal Reserve Board reports that
loans to brokers and dealers on Sc
curities held by member banks in
New York City totaled 81 ,095, ,000, 600
on December %, decrease OF
$39, ,000, 900 under a week earlier, but
$143, ,000, 900 more than a year ago
Included is $646, ,0O0, 900 loaned to
purchase or carry United States
Government obligations, an increase
Of $4,000, 900 for the week.
Curtiss-Wright Corp. announces
the distribution OF approximately
So, soc, 900 in Christmas checks to
employees this year. The checks
ranging from $40 to 500, also are
being sent to workers who have left
the organization since last Jan.
to enter the armed services.
The Third U. S. Circuit Court Of
Appeals in Philadelphia has under
consideration, for the first time in
any appellate court, the question of
whether dissolution. or liquidation
under the Holding Company Act of
1885 is so different from bankruptcy
equity receivership or financial re-
Organization liquidation that the
rule Of absolute priorities" does not
prevail and common stockholders
can be awarded an interest when
the assets are insufficient for pre-
ferred stock requirements. The
question was raised on an appeal by
Otis and Co., Cleveland investment
house, from a decree issued last
August by Judge Paul Leahy in the
U. S. District Court at Wilmington
Del, approving the dissolution plan
OF the United Light and Power Co
Otis and Co. is Light and Power
preferred stockholders and under
writer of an $60,0o0,0O issue OF
preferred,