Evening star., 1944-01-05
Business Briefs

Electric Power Production in the
week ended January totaled 4,300,-
100000 kiloWatt hours, compared
with 4,295,0l0000 in the preceding
week and was 1887 above 3,779,-
$4,000 in the like period year ago
the Edison Electric Institute re-
ported.
Improving Steel Supplies in the
next six months are expected to
bring distribution of the metal closer
to normal than at any time since
the start Of the war, Iron Age de-
clared. supplies of ingots and
semiflnished steel are easy currently
Demand for fiat-rolled metal is still
high. Substantial increases in raj
and pipe production are likely the
magazine added.
Government Competition With
Banks was attacked by J. Franklin
Ebersole, Harvard professor of bank
ing and financing, who said the time
has come for Government lending
agencies and bureaus Ito ascertain
their total actual operating costs
Such costs should include losses as
well as an allowance for taxes thai
would be paid if these were not
Government agencies, since ia.
exemption is in itself a form OF
subsidy" he said
New York Bank Earnings in 1874:
were above 1912 in most cases. Chase
National earned $3.50 share
against S1.81 in 1912 and National
City Bank earned $244 against So 2le
in the previous year. Deposits and
assets were below three months
earlier, but well above year ago.
WHY'S Overland Motor, Inc.
earned $3,010901 or S1.32 a share in
the fiscal year ended September 80
compared with 81 ,265, 1893 or SO cents
share in the previous year. Sales
were $178,932,115 against $109 ,273,-
626 in the previous year.
Nash-Kelvinator Corp. earned $4,-
1850 or 96 cents a share in the
year ended September 30, compared
with S3,828,755 or 80 cents a share in
the preceding period. Sales totaled
s184936,361 against $82,061, Ats.
American Power & Light Co.
earned sl5,844 ,009 or 1894 a share on
combined IS and $6 preferred stocks
in the year ended November 30, COM
pared with $l0,675, ,460 or $6.02 a
share on the combined stock in the
previous year.
Cuban American Sugar Co. earned
1854 ,359 or So cents a share in the
year ended September 80, compared
with $2,lO6,o88 or s168 share in
the previous period.
General Mills, Inc. asked preferred
holders to approve issuance of $20,-
100000 10-year sinking "a % deben-
lures for postwar expansion.
National Power e. Light Co. pro-
posal to retire 10000 publicly held
shares and 1,048 treasury shares of
its $6 preferred stock on January
81 at S100 a share was approved by
the SEC.
Lone Star Gas Co. plan to sell
Ell Paso properties to Southern
Union Gas Co. for 50, 700, 900 cash and
use $2,6l7 900 of the proceeds to re-
duce bank loans was approved by
the SEC. The sale will complete the
first case in which a major holding
company has fully complied with
integration and simplification pro-
visions of the Holding Company Act.
A $9,450,000 Offering of Mime
sofa 1.4To rural credit deficiency
certificates was placed on the mar
ket by group headed bv Halsey,
Stuart & Co. at prices to yield from
.81So to 1.34%o. The bankers won the
award on bid of 100.112.
Minneapolis Municipal Bonds to-
taling s3,084,768 were awarded to a
group headed by Phelps, Fem a.
Co. The bonds were separated into
three types and the winning bid
varied In each case.