Evening star., 1945-06-12
Business Briefs
Steel Mill onerations for the

Steel Mill Operations for the cur
rent week were scheduled at 909o of
capacity, indicating production of
1,648, 500 tons, the American Iron
and Steel Institute announced.
Figures last week were 919To and
1886 tons; month ago, 95.3%
and 1,745,500; year ago, 97.1% and
1,739, 300.
Meat Production at Federally in
spected plants Appropriated 1885,
100000 pounds in the week ended
June 8, a gain of A ,000,0 900 from the
previous week, but 100000 below a
year ago, the War Meat Board
estimated.
Bank Debts in 334 leading cities
in May totaled s81, ,723, 900, 900 VS..
s67 ,259, 900, 900 a year ago, the Fed
eral Reserve Board disclosed. In
three months ended May 81, they
totaled $3.50, 1923 ,000, 900, a, gain OF
II per cent over year ago.
Baltimore g. Ohio Railroad has
received sufficient acceptances oi
its $498, ZOO, 600 debt adjustment plar
to enable it to file a petition fol
final approval and confirmation
President Roy B. White said. This
will be done shortly.
Burlington Mills Corp. registered
with the SEC 10000 preferred
shares. Proceeds will be used to re.
pay a 80 note for 100000, redeem
58,602 so cumulative preferred
shares at 1887 plus dividends, ane
increase general funds.
Manufactures Trust Co. stock
holders will vote July on a plan to
issue 412,500 new common shares
and redeem 1886, ,485 convertible pre-
ferred shares at so plus accrued
dividends.
Bank OF America stockholders
approved a management proposal
to issue new common shares for
each 3 now outstanding.
Crown Cork International Corp.
declared a dividend of IS cents on
cumulative participating class A
stock, payable July 2. Previous pay
ment was 80 cents in April.
Philco Corp. will make civilian
radio sets very soon and is planning
production well above prewar levels
as soon as Government regulations
permit, President John Ballantyne
wrote stockholders.
Western Union Telegraph Co.
earned $2,975, ,736 or $2.40 a share on
class A stock in months ended
April 80 VS.. $2,460,0 ,069 or s197 a year
ago.
Engineers Public Service Co. and
subsidiaries reported profit of $8,-
072,695 or $311 a common share ir
Il months ended April 80 VS.. S.
654, 4,109 or $1.78 in the previous year
Virginia Electric g. Power Co
earned $685., 1881 or $22.99 a pre-
ferred share in IL months ended
April 80 VS.. $4,570,571 or $15.79 in
the preceding fiscal period.
Gar Wood Industries, Inc, net fo1
months ended April 80 was s182, ,54s
or 18 cents on the common, before
renegotiation, VS.. 1896, ,160 or SO cents
in the same 1914 quarter.
Elastic Stop Nut Corp. was giver
a clean slate by the SEC after q
long investigation. The commission
found no evidence of concentrated
buying or selling or manipulation oil
company securities.
Square D Co. announced forma-
tion of Square D de Mexico to man
ufacture electrical equipment.
United Air Lines reported air ex-
press traffic in May was 62% above
a year ago, while airmail volume
was up 22%.
General Motors Corp. is reducing
production of MIA light tanks and
spare parts by its Cadillac Motor
Division gradually under Govern
ment orders. Workers will be shift
ed to other production.
American Airlines, Inc, elected
Maj. Gen. G. j. Smith, retired, board
chairman. He was chief of staff
and later deputy commander of the
ATC. Before the war he was presi-
dent of American. Ralph S. Damon
was elected president to succeed A
N. Kemp. who viii remain as a di-
rector.