Evening star., 1944-07-12
Business Briefs

Electric Power Production declined
sharply to 3,940854,000 kiloWatt
hours in the holiday week ended July
8. compared with 1927 1859 900 in the
previous week and 1919 1893 900 In
the like 1943 week, the Edison Elec-
trio Institute reported.
Demand Deposits in banks of 1O1
leading cities totaled S32 ,561 ,0O0,OO
on July 5. drop Of SAT- ,000.00 from
a week earlier, but 1896 900, 900 above
year ago, the Federal Reserve
Board disclosed.
Cash Dividends paid by American
corporations in May totaled Sl14,-
100000 VS.. s115,300,O00 year ago
the Commerce Department esti-
mated. For the first five months OF
this year they appropriated S1,l9l,-
100000, up 90 from year ago.
Micromatic Hone Corp. registered
with SEC $4,000 shares of so $40 pa1
value cumulative convertible pre-
ferred stock to provide working cap
ital, reduce loans and expand plant
facilities.
Springfield MOI Gas & Electric
Co. bonds and preferred stock would
be called for redemption immedi-
ately by r. H. Teed, If he is allowed
to purchase the firms common from
Federal Light & Traction Co. Tor
S650,000, he informed the SEC.
Howard Stores Corp. securities
we're placed on the market by A. G
Becker & Co. The 27736 shares OF
SO cumulative preferred and o00C
shares of common we're priced al
SOL and $3.50 a share and rep
resented holdings of. certain large
stockholders.
United States Lines Co. will re-
ceive s19.20O0O0 from the Govern
ment in settlement of it's claims in
connection with loss of the former
trans Atlantic line Manhattan and
requisitioning of its sistership, the
Washington, President Basil Harris
announced
Packard Motor Car Co. has estab-
lished a separate division in its
Toledo plant Ito handle advanced
aircraft engine development at the
request of the Army Air Forces Ma
teriel Command.
Erie Railroad invited 142 invest
ment houses and insurance COM
panies to bid on a S3,620,O 900 equip
ment trust issue to finance part OF
the cost of six 5,4O0-horsepower
diesel freight locomotives and soc
50-ton all-steel hopper cars.
Missouri-Kansas Pipe Line Co. an
nounced holders of its common and
class B stocks will have the right to
purchase 1870 shares of Pan
handle Eastern Pipe Line Co. COM
mon at $50 a share on the basis oi
one Panhandle share for each ter
of common or 200 shares of Mokar
B held. Rights will expire Au-
gust 81.
American Power & Light Co
earned $14742,755 or 1882 a share
on combined preferred stocks in Il
months ended May 81, compared
with s14271 .238 or $8O on the com
bined preferreds in the previous
year.
United Corp. met for the june
quarter was $1,765, POI or II cents
preferred share, compared with
S813,836 or 33 cents a preferred
share in the same 1943 period.
Northern Pacific Railroad reported
net income of $3,277,851 or $l.32 6
share in five months ended May 81
compared with $6,073,2 ,252 or $2.45 6
year ago.
Nickel Plate Railroad awarded 9
s2,l00,000 issue of serial equipment
trust certificates of 1914 to tht
Cleveland Trust Co. on a bid OF
e9.882 for rs % obligations. They viii
mature in 10 equal installments ol
$4,000 each, starting July Is, 1945
Seaboard Airline Railway Co
awarded a $2,76O.O00 issue of equip
ment trust certificates, due 1945-54
to Harris, Hall &, Co. on a high bic
of 1888 for the issue as Is. Reoffer-
ing was made at prices to yield from
go to 2.25T.
Illinois Power Co. claims against
Its parents, North American Light &,
Power Co. and Illinois Traction Co.
will be considered at an SEC hear
ing July a., when oral argument
has been scheduled.