Evening star., 1945-06-07
Business Briefs

Bank Clearings in "a leading cit
les rose to s11 ,582 ,273,000 in the week
ended June 6, highest since late
February, and compared with So
1885, 900 in the preceding holiday
week, reported Dun & Bradstreet
Inc. They also were 284Go above
S9,021, ,177,000 in the like 1914 week
Freight Loadings in the week end
ed June 2 totaled 837, $50 cars, a drop
of SID from the previous week,
but a gain of 3.3Gs over a year ago
the Association of American Rail-
roads announced.
Larger Hog Receipts, expected at
leading markets in June and July
will mean little more pork for civil
lans, Chicago experts said. No real
relief from the civilian shortages
will coine until late Fall and early
winter.
Local Investment Companies to
provide capital for small business
were proposed by a committee of the
Investment Bankers Association
before the House Small Business
Committee. The IBA asked legisla-
ton authorizing their establishment
r. j. Reynolds Tobacco Co. stock
holders will vote June 26 on plan
to authorize 100000 shares of new
Sl00 par preferred stock, of which
100000 shares bearing 3sl % Woulc
be issued initially and offered tc
common and common B holders al
the rate of for each 20 shares held
Proceeds would reduce bank loans.
Davega Stores Corp. will redeem
all so preferred shares on July 6
at S26.593s a share.
Birmingham Electric Co., SUBJ
SId1ary of National Power g. Light
Co., asked SEC permission to re-
deem its 12,515 shares of ST prefer
red stock at ITO.
American Power e. Light Co. plan
to transfer $l7,703,064 in securities
TO a subsidiary, Minnesota Power &
Light Co, was approved by the SEC
CongOleum- Nairn, Inc, sales for
the first half of 1945 will be about
20Go above a year ago, but higher
costs and taxes will hold earnings
about even with 1914, President B
@. Steinetz said at the annual meet
ing.
Sears, Roebuck & Co. sales for
May totaled S77,459,81l, a decline of
3.3%o from year ago; for 4 months
anded May 81, $316,005,2 PAT. an in
crease of 6.7qs.
S. S. Kresge Co. sales in Nav
mounted to S17,115, 149, a gain of
80 over year ago; in 5 months,
o2,267 791, an increase of 4.2T6.
S. H. Kress & Co. sales for May
otaled S9,337 1927, a decline of 7.4%
ON a year ago: for five months
l6,920,503, drop of 1,7To.
G. G. Murphy Co. sales for Nav
otaled S7,490, ,048. drop of Ia from
year ago; for 5 months, S35 ,693, lit,
jump of 1870.
Walgreen Co. sales in May totaled
9,3l5,349, a decline of 2.8q5 from a
ear ago; in months, sac, ,203, 173, a
drop of 80 from a year ago.
Butler Bros. combined sales for
May totaled $9,891 SOL, a gain OF
1.1% from year ago; for months
$47,643, ,80l, gain of 80.
Loew's, Inc, declared a quarterly
dividend of 371a cents on the new
common, payable June 80 Prior tc
the recent 3-for-1 split in the stock
the firm paid so cents a quarter
plus year-end extra of $3.50 last
December.
Central New York Power Co. plai
to purchase S3,792, 900 of noncallabl
bonds of subsidiaries was approved
by the SEC.
snap-on Tools Corp, of Kenosha
Wis, merged the Forge Steel Prod
ucts Co. of Newport, Pa.
General Motors Corp will convert
five plants of the Fisher Body divi.
sion to auto body production imme'
diately.
Pepsi-Co1a Co. elected Richard }
Ritchie vice president in charge o
research. He has been chief chem
ist.