Evening star., 1945-07-09
Business Briefs

Inc Cotton acreage on July l was
estimated by the Agriculture De-
partment at only 1855, 600 acres, q
drop of 100000 acres or $50 from
last year and 300 below the 10-year
average. Assuming average aban-
donment, the acreage by harvest
time would be the smallest since
1885.
Here She Comes is the title of a
cleverly written and illustrated
booklet distributed by the Baltimore
e. Ohio Railroad. The many tasks
that go into smooth operation and
the steady improvement of efficiency
in wartime are described in an un-
usually interesting way.
r. ]. Reynolds Tobacco Co. stock
holders were offered 100000 shares
of new 3.6% preferred stock at the
rate of 1j20th of a share for each
share of common or class B stock
held. Rights will expire July 81 and
unsubscribed shares will be offered
publicly.
Portland (Ore.) General Electric
Co. received a high bid of 101. III on
a 31sqo basis for $34,000000 of re-
funding bonds from Halsey, Stuart
& Co. Reoffering was planned at
1924. -..,
F. L. Jacobs Co. stockholders will
vote soon on a plan to issue 100000
shares of new so cumulative con-
vertible preferred stock and increase
authorized common from 100000 to
100000 shares. Proceeds from the
preferred would be used to retire a
$5000,000 V loan.
Miller Mfg. Co. purchased 87qo of
the capital stock of Monroe Steel
Castings Co. and will operate the
firm as subsidiary with most of
the present personnel.
Woodward Iron Co. earned 1884,
629 or SLIT a share in six months
ended June 80 VS.. $398,581 or $1.19 a
year ago. ..
MidvaIe Co. completed renegotia-
ton for 1914 and transferred $2,507,-
450 or Sab share to surplus VS..
$2,475,843 for 1943.
Lehman Corp. assets on June 80
equalled $46.73 a share VS.. SAL .55 a
year ago. Large investment of $16,-
68B ,679 was in public utility securi-
ties. Next were oil securities valued
at, $10,S49,309.
Walgreen e. Co. sales for June to-
tailed $9,777 ,376, a. gain of 1.5%o over
a year ago; for six months, S55, $780,
452, a decline of 2.39o.
Lerner Stores Corp. sales for June
totaled $8,669, ,281, gain of 1880
from year ago.
General Motors Corp. started con-
struction of $3.50, 600 building at
the West Lockport, N. Y, plant of
its. Harrison radiator division. When
fully equipped it will represent a
$4,000,000 investment.
American Gas & Electric Co. and
its subsidiary Wheeling (W. Va.)
Electric Co. asked SEC permission
for Wheeling's issuance to Amer
ican of 1854 common shares to pro-
vide $1,000,000 for reinforcing the
southern end of Wheelings system
byi addition of power facilities.
ArkanSaS-MiS Power Corp.
sale of $2,000,000 of first mortgage
bonds at competitive bidding was
approved by the SEC. Proceeds and
treasury funds will be used to re-
deem. a like amount of 40 first
mortgage bonds at 1o4A plus inter
est.
Federal Light G. Traction Co. plan
to sell its common stock interest in
Sheridan County (Wyo.) Electric
Co, for $641, OILS to Gerald L. Schless-
man of Denver will be considered by
the SEC August 8.
Bell Aircraft Corp. took over the
modification center operated since
1912 for the AAF. Under one-year
lease, ii has been incorporated into
the firms manufacturing division.
Texas Co. appointed W. F. Moore
general manager of foreign opera
tons. He has been with Texaco 25
years.
Rheem Mfg. Co. named Charles
T. Miller appliance sales manager
for the Baltimore district which in
eludes the District of Columbia.