Evening star., 1944-08-29
Business Briefs
Immediate Action bv Governm,

and management is necessary if re.
conversion problems facing the air
craft industry are to be solved, said
Robert A. Lovett, Assistant Secre
tary OF War for Air, in an address
before conference Of 5000 Eastern
aircraft executives in New York.
Lower Plane Fares after the war
were forecast by DR.. D. H. Daven-
port, business research director of
Curtiss-Wright Corp, airplane divi-
sion. who estimated that within S
years after the war passenger rates
would decline from a preWar aver
age OF 81 cents per mile to 3.5 and
express rates from 80 cents a ton
mile to 30.
Earnings of 1893 Companies with
common stock listed on the New
York Stock Exchange totaled ST..
O77,790000 in the first half of this
year, decline of 80 from a year
ago, the magazine Exchange re-
ported. The petroleum industry
showed the largest gain, 342co
while railroads showed the sharpest
drop, 315G.
Philadelphia Transportation Co
announced resignation of R. T
Senter as president and director
because Of poor health and election
OF Charles E. Ebert, vice president
as his successor.
Georgia Power & Light Co. sale
OF s., 1000 bonds under competi.
tive bidding would cost $4,000 more
than through private sale, declared
H. K. Halligan, president of Genera
Gas g. Electric, parent company, al
an SEC hearing.
Connecticut Light & Power Co
registered with the SEC $4,000 OO(
Of series I go first and refundine
mortgage bonds to finance redemp-
tion Of S7,O00,00O of 3lac % series F
bonds on September l at 1O6 anc
repurchase an undetermined amount
OF 10 series A bonds.
Mississippi Power & Light Co. re-
ceived high bid of 1882 on a
3ls% basis for $12,0O0,0OO first mort
gage bonds from White, Weld &
Co. and associates, who plan to re-
offer the issue at 1044877, subject
to formal award and SEC approval
Standard Gas & Electric Co. flee
with the SEC an amended reorgani-
zation plan calling for issuance o1
S23. 100000 of 5-year AZ debentures
and 4,967,00O common shares. The
firms original plan was rejected or
May 81.
Greyhound Bus Lines let con.
tracts for 2 types of postwar super
coaches" Consolidated Vultee will
turn out a bus adapting the air.
cooled aviation engine to highway
use, and General Motors will make
a Diesel-powered bus.
Foster Wheeler Corp. earned ST..
299 1892 or $435 a share in the frs
half of 1914, compared with $780,.
578 or $4.63 in the like 1943 period
Julius Kayser g. Co. net for /:
months ended June 80 was s1,168..
355 or S3l6 VS.. s1,035,419 or $2.7!
in the preceding year.
Interchemical Corp. earned s522..
440 or SLIP in the first half Of thi
year VS.. $513.707 or $1.1O in th'
same 1943 period.
Mead, johnson & Co. net for thu
half was 1855, ,033 or $4.82 VS.. 81 ,OO5,,
072 or $5.73 year ago.
Colt Patent Fire Arms Mfg. Co
reported net loss of $2.404,953 in tn,
first 28 weeks of this year, compared
with a net income of $2,838,079 {
year ago, but said its financial posi-
ton has been improving since Apri
as shipments revived and losses de-
clined.
Newport News Shipbuilding e. DIR.
Dock Co. earned s4,947,045 or SIS. II
in 1943. compared with $4,641,171 o,
$3.50 in 1912.
High spIint Coal Co. at Higr
Splint, KY, announced a $500.00t
expansion program, largest single
mine expansion in Harlan County
in several years.
American Rolling Mill Co. sold it!
No. 2 sheet mill at Ashland, KY, t.
Reynolds Metals Co. The mill vii
be rebuilt for rolling aluminium.
Delaware, Lackawanna e. Westerr
Railroad asked ICC permission tt
merge the Utica, Chenango e. Sus.
quehanna, q leased line. A s., ,7O3 ,9Ot
bond issue would finance the trans.
action.