Evening star., 1946-10-13
Business Briefs

Business Briefs
Inventories Of Steel and IRON
Scrap are declining at an alarming
rate, declared Robert w. Wolcott Of
the American Iron & Steel Institute,
He urged the Government TO return
Battlefield scrap" to the United
States from Germany and the South
Pacific.
Stocker and Feeder Cattle Ship
ments into II Corn Belt States in
three months ended September 80
were 36% ahead Of q year ago and
largest since 1940-Agriculture De-
partment. They were only slightly
below the all-time record.
Consumer Resistance to advancing
butter prices increased in the last
week and some dealers were more
willing to accept profits - Agri-
culture Department.
OF For the World Trade Confer
ence opening in London, October Is,
IT delegates from the United States
expressed optimism upon their de-
parture from New York. Nineteen
nations will be represented at the
parley.
Sales Of Chain Stores and mail
order houses in August set a new
record of $780,, 900 900, a gain Of
47Sd from q year ago-Commerce
Department. They were 9% above
the previous month.
Net Working Capital OF American
corporations was boosted 81 ,200, ,000,-
600 to a total of 1000 900 900 dur
ing three months ended June 30
the SEC. It was much larger in
crease than in the preceding quar-
ter and as large as a year ago.
British Cloth Production set a
record average Of 10000. 900 linear
yards week in August-Board of
Trade. The average included 33,000,-
900 yards of cottons.
Zinc Price Ceilings will be raised
tomorrow. The new ceiling is ex-
pected to be 925 cents a pound,
rise of / cent. 1t will be the first
change since the start of 1912.
Reed Prentice Corp. registered
with the SEC 10000 shares of $3.50
par common stock to be sold for the
account Of stockholders.
American Telephone & Telegraph
Co. reported net income for eight
months ended August 81 was $94,-
408 ,988 VS.. $84, 1854 ,191 in the same
1945 period. August net income was
81 ,496 ,666 VS. $535,856.
Underwood Corp. and subsidiaries
earned $919,375 or $1.25 share in
nine months ended September 80 VS..
81 ,526 ,535 or S2.08 a year ago.
American Export Lines profit for
| six months ended June 80 was
81 ,230 ,584 VS.. $47,951 in the same
1945 period. ).
| Telautograph Corp. earned $138,544
or 81 cents in nine months ended
September 80 VS.. $127,315 or 56 cents
year ago.
Investment Co. Of America re-
ported net asset value equal to $29.43
a share on September 80 VS.. 1924
month earlier and $31.64 o year
ago.
| General Electric Co. will construct
a $20, 600 900 plant at Schenectady,
N. Y, for the manufacture of steam
turbines and electric generators.
| Baltimore & Ohio Railroad In
vited bids on $7,620,0O of equip
ment trust certificates to help fin
nance purchase OF 1000 steel hopper
cars and 500 acknowledges box
i cars.
i Pennsylvania Railroad ordered a
minimum of 10000 tons of new
steel rail to be delivered In 1947. An
additional $4,000 tons may be re-
quired for maintenance schedules.
i New York, Ontario & Western
Railway received ICC permission to
sell $4,000, 900 of equipment trust
certificates to the RFC to help
finance purchase Of diesel -electrics
to replace steam locomotives. =.
i Pennsylvania Sugar Co. called for
redemption on December 81 all out
standing SO $40 par preferred stock
at par and interest.
4 Crown Drug Co. will retire It's 7ss
cumulative preferred stock Novem-
Der Is at $25 q share plus accumu-
lated dividends Of 43A cents a
share.
Celanese Corp. received national
citation from the Military Order of
the Purple Heart for its work in re-
fabilitating and retraining handi-
capped veterans.