Evening star., 1945-06-08
Business Briefs

money IN CHCuIaClOu rose 10 SZ0,-
$4,000, 900 on June 6. a gain of S13,-
100000 from a week earlier and
S4256. 100000 above a year ago, re-
ported the Federal Reserve Board.
Gasoline Stocks of civilian grade
totaled 48,6420oo barrels on June 2
VS.. 1926 900 week earlier and a.
100000 a year ago, the American
Petroleum Institute announced.
Rayon Shipments in the first S
months of 1945 reached 314,900, 900
pounds VS.. 287,300,000 in the same
1914 period. Stocks on May 81 totaled
only 100000 pounds, new 1945 low.
Complexity and uncertainty are
striking features Of Federal tax laws,
the Federal Taxation Committee
of the American Institute Of Ac-
countants. in an address at Rich
mopd. Business cannot plan and
build on such shifting quicksands,
he warned.
Allegheny Corp. is legally in con-
troll of the Chesapeake & Ohio Rail-
road and its affiliated carriers, the
ICC ruled.
Sweeping Changes in Ohio Taxes
appeared in prospect as a result of
a State Supreme Court ruling that
property of the Cleveland munich
pally owned street railway system is
taxable.
Commercial Credit Co. stockhold-
ers will vote July is on plan to
authorize 100000 new preferred
shares, OF which 250,00O would be
issued initially to finance redemp-
ton of present Az % preferred.
Belden Mfg. Co. will offer 24,154
shares of $40 par value common
stock to present holders at the rate
Of l for each 10 held as of June 19.
Colgate -Palmolive-Pee Co. regis
tered with the SEC l25 900 shares
of $3.50 preferred to be offered in
exchange for s4.25 preferred on a
share for share basis plus a cash
adjustment.
Cook Paint & VarniSh Co. stock
holders will vote June 20 on a plan
to authorize 100000 preferred
shares, of which $4,000 would be
offered publicly.
Safeway Stores. Inc. declared an
initial dividend of 25 cents on new
common stock, payable July /. AS
the stock was recently split for /,
this was equivalent to IS cents on
old stock
Montgomery Ward g. Co. sales in
May totaled S52,080,451, gain of
38To from year ago; for months
ended May 81, S213,119 1863, an in
crease of 1867.
J. J. Newberry Co. sales for May
totaled $8,033,313. gain of $50
from year ago: for months, S34,-
1863, an increase of 679o.
A. o. Smith Corp. profit for the
quarter ended April 80 was ST ,649,-
300 or 1881 a share VS.. $2,034,0 OFT
or $408 in the same 1914 period.
Gruen Watch Co. earned 1864 1888
or $169 in II months ended March
81 VS.. S940,708 or $3.50 in the pre-
vious year.
Midwest Piping & Supply Co. net
for IL months ended February "a
was 81 ,286,745 or $685. VS.. $971 ,870 OF
$5.03 in the preceding fiscal period.
Atlas Plywood Corp. purchased
Maine plants of Plywood Corp, q
New York mill from Veneer Prod
ucts Co. and large stands of timber
in Michigan. Atlas capacity will be
increased about 1870.
Chicago, Milwaukee, st. Paul &
Pacific Railroad asked ICC pelmis.
sion to issue 1881 400 of equipmen,
notes to finance purchase of 81
Diesel electric locomotives.
Carnegie-lllinois Steel Corp. will
resume operations Monday at its
ordnance plant in Ferrell, Pa, which
was shut down temporarily May 90
Operations will be on a reduced
basis.
Consolidated Vultee Aircraft Corp
plans for postwar production include
line of personal aircraft ranging
from a two-place, low-cost model
to twin-engine Junior executive
transport.