Evening star., 1946-04-03
Business Briefs

Commercial, Industrial and Agri-
cultural loans decreased S27,000,0OO
at member banks in l0l leading cit
les during week ended March 27,
the Federal Reserve Board reported.
Total loans increased S279, 100000.
Virginia Power & Electric Co. re-
ported gross revenues for calendar
year l945 at $37 921 ,961 SO, up s7,07e,-
495.l0 from previous year.-State
Corporation Commission.
Independent Pine una Tic Tool
Company reported today it's net
profit for 1945 was S1,076, ,337, equal
to s2.86 a share, compared with a
1914 net of s1,326,035 or 1888 a
share.
Midland Steel Products Co. today
reported net income for year ended
December 81 of s1,719,775, or 1851
per common share, against 1872, ,448
or 1882 for 1914
International Business Machines
Corp. reported consolidated net pro-
fit of Sl0,893, ,706, or $95l per share
for l945 against S9,711,355 or $3.50
per share in 1914.
Chase National Bank reported a
decline in deposits on March 80 to
$5,l40 087,000 from $5,742, 100000 at
the end of December. This COM
pared with S4.497, 100000 at end of
March, 1945. Total resources at end
of the latest quarter were SIS, ,498,-
$1,000, compared with S6,092 COL 900
at the year end and $4,822 ,301 900 a
year ago.
Guaranty Trust Co. reported a de-
cline in deposits as of March 81 to
$3,093, ,764.156 from S3,3O9, ,452 507 at
the end of 1915. Holdings of United
States Government obligations in
creased to $1,000 ,996 ,996 from ST.
059, ,320, ,457 net current operating
earnings for the first quarter were
s4,936,720, compared with S3,596, ,995
for the first three months of 1945
]. P. Morgan & Co., Inc, reported
deposits March 81 were 1864 .049 ,345
compared with S728,98 1863 Decem-
ber 81, and total assets of S732 ,435,- :
257, against S796 1929 1863 December 81
Holdings of United States Govern
ment securities declined from S467,-
984871 December 81 to 4306, ,976
March 81
Beech Aircraft Corp. reported to-
day for fiscal year ended September
30, 1945, net income of $3,722, ,402
equal to $3.50 capital share, COM
pared with 1914 net of S2,705 ,481
or $6.76 a share The 1945 net is
after amortization of emergency ia.
cilities of Sl,489,16l. Beginning in
December, deliveries have exceeded
an average of $2,500,000 a month
Fairbanks Morse and CT. reported
1945 net profit of S2,600,625, equa.
to $434 a capital share, against ST.
345, 730, or $4.75 share in 1914.
American Safety Razor Corp. re-
ported for 1945 net profit of ST $780,
598, equal to $400 a capital share
against 1914 net of $1,400,801, or
S295 a share
Pennsylvania Glass Sand Corp. re-
ported l945 net, profit of $623 ,218
equal to $145 common share, COM
pared with 1914 net of $570,7 ,706, or
S1.29 a share.
United Engineering and Foundry
Co. today received order from CRU
chile Steel Co. of America for six
strand 24-inch billet and bar mill
for Midland. Pa. Installation cost
estimated at S2,500,000
Austin McLanahan, IA, president
of the Savings Bank of Baltimore
died early today at his home. He
was a native OF Chambersburg: Pa.
and graduate of Princeton Univer-
sity.
p. G. Beckett, vice president in
charge of Western operations OF
Phelps Dodge Corp, will retire May
l but vii continue as a director, the
company announced today. H. M
Lavender, general manager of metal
branches since 1887, will become vice
president and general manager of
Western operations.