Evening star., 1944-01-07
Business Briefs

Money in Circulation on January
5 totaled $40, ,436 900 900, further in
crease of 100000 from a week
earlier and S5,o43,0OO,OO0 above a
year ago, the Federal Reserve Board
reported in its weekly summary of
member banks condition. Member
reserve balances totaled S12 ,602, ,OOO,-
600, drop of $167 100000 from a
week earlier and $862, 600, 900 below
year ago. Excess reserves of $780,
100000 were $160,O0O,00 below a week
earlier.
Bituminous Coal Production in the
week ended January l approximated
1O,35O 900 net tons, compared with
9,450000 in the preceding week, and
was 11.39o above 10000 in the like
1912 period, the National Coal Asso-
citation estimated. Production for
the year Appropriated 586,5OO, 900
tons against 5SO,0OO,0OO in 1912.
Housing Authority Notes aggre-
eating nearly $25,O00,000 were
awarded by the Chicago and Jersey
City authorities to bank group
headed by the Chemical Bank &,
Trust Co. The winning bid on the
$6225,000 Jersey City issue was 070qo.
On the s18,05O0OO Chicago issue
bids on two sections represented in
terest costs of 050q5 and 059To.
A S10,000,000 Offering of Puerto
Rico Water Resources Authority
avg electric revenue bonds, will be
placed on the market next week by
group headed by First Boston
Corp.
Freight Loadings in the week
ended January totaled 643,474 cars,
a gain of 80 from the preceding
week and 368o above the like 1912
week, the Association of American
Railroads disclosed.
Portland Gas & Coke Co. declared
dividends of SITS share on the 10
preferred and $150 on the So pre-
ferred, both payable February l to
holders of record January 20. They
were the first full quarterly declara-
tions on these issues since May /,
1888. In 1912 and 1943, half the
regular rate was paid.
"CSe WI Shhd UP q IdpcT W.
stockholders approved issuance of
S20000,000 of new 412q6 preferred
stock of 500 par value, redemption
of outstanding go preferred, and
an increase in common from 1,000,-
900 to 100000 shares. The firm
will retire $4,6OO,O00 of 80 bonds
with Treasury cash, President
Thomas Luke said.
Standard Oil Co. of Ohio stock
holders accepted 96,O30 of the 1O1 ,38e
shares of new Az % cumulative con-
vertible preferred stock offered by
the company. The balance was pur-
chased by a group headed by F. S
Moseley & Co. The new shares rank
on a parity with the So preferred
and are convertible into common at
S43 a share until January is, 1854
and thereafter at $50 a share.
Warner Bros. Pictures, Inc, earned
$8,238, ,463 or S2.12 share in the year
ended August 81, compared with So
554,512 or $220 share in the pre-
vious year. The latest net was after
a S4537,222 loss from sale of fixed
assets.
A. G. Spalding g. Bros, Inc,
earned $502,842 or 81 share in the
year ended october 81, compared
with $262,645 or 48 cents a share in
the preceding period.
McCrory Stores Corp. sales in
December totaled $9,784,095 against
$10,464,483 a year ago, drop of
$50. Sales for the year were
S67 ,351 ,069 against $62, ,293 in the
previous year, a gain of 1872.
Lehman Corp. reported net asset
value of 1871 E share on Decem-
Der 81, compared with $37.51 on
September 80 and $29.54 on Decem-
ber 81, 1912. Cash and Government
bonds represented 10%o of total gross
assets; common stocks, 76To and
preferred stocks and corporate
bonds, 149e.