Evening star., 1947-07-13
Business Briefs
Automobile Production

l HSssESSS ~ s~FS
Automobile Production In the
United States and Canada totaled
81 $40 cars and trucks In the last
week VS.. 74,0l5 year ago and 114,-
318 in the like 1941 week-Ward's
Automotive Reports.
Income Payments to individuals
increased further in May as result
of wage and salary increases ne
gotiated last spring-Commerce De-
partment. Index of the payments,
based on the 1859 average as 100,
advanced from 2626 in April to 2649
in May. 1t stood at 1897 In May,
1916.
Newsprint Output in North Amer
lea in June totaled 453,031 tons,
highest on record for that month.
and compared with 424,3l6 a year
earlier-News Print Service RureauJ
Shipments totaled 491 ,371 VS.. 415,737l
in June, 1916.
New York State Public Services
Commission announced IA railroads.
operating in that State had beeni
granted 1882 increase in basic,
intrastate passenger rates. Com-s
mutation rates were not includedJ
Petitions for increases in that fields
are pending before the commissiong
Pittsburgh Coal Co.. largest soft
coal producer, disclosed it is makingl
tentative increases in its coal prices
at once, in view of the pay raise.
awarded in the new contract with
the United Mine Workers. A def,
mite price schedule will be delayed
for q month Other firms reported
price increases of 73 to Is cents q
ten were in the making
Pacific Fower & Light Co. received
SEC permission to issue $4,000 900
of 30-year first mortgage bonds, Of
which 100000 will be offered
publicly and the remainder ex-
changed for Northwestern Electric
Co. debentures.
Arkansas Power g. Light Co. sale
of $11o00,0o0 of 30-year first mort
gage bonds for expansion and other
purposes was approved by the SEC.
Emerson Radio & Phonograph
Corp. booked around $10,000,000 Of
business at two day convention of
Eastern distributors at New York,
officials reported Midwestern and
Western distributors meet this week
at Chicago.
Chrysler Corp. completed 2-for-
split in its common stock by fl
ing the necessary papers In Della
ware. Trading in new stock will
start tomorrow on the New York
Stock Exchange.
Underwood Corp. and domestic
subsidiaries reported net profit Of
s2,168,935 or $295 share in six
months ended June 30 VS.. s572 ,406
or 78 cents in the same 1946 period.
North American Rayon Corp.
earned 81 .9O5,474 or s372 in "a weeks
ended June IA VS.. 81 .262,0 or s2.3s
in the like period year earlier.
Finance Co. of America (Balti-
more) reported net income Of s347,-
AL in six months ended June 80 vs.,
s57,410 In the same 1946 period.
Cleaner Harvester Corp. earned
$1.060051 or $3.50 share In nine
months ended June 80 VS.. s55s,832
or s186 a year ago.
Elastic Stop Nut Corp. reported
a deficit of s58.s73 in six months
ended May 81 VS.. loss of s66, ,4e2
year earlier.
Eastern Sugar Associates declared
a dividend of $125 on accumulations
on the so preferred, payable Au-
gust 20. This is the first payment
since September. 1914.
Tung-SoI Lamp Works. Inc, de-
ferred dividend action on preferred
stock until about October l.
General Finance Corp. Chicago,
has sold two divisions, the McAlear
Mfg. Co. of Tulsa and the Climax
Engineering Co. of Clinton, Iowa, to
A. j. Smith Engineering Co. of Kan
sas City. for reported price OF
81 100000.
Sterling Drug, Inc, announced
the Mutual Life Insurance Co. OF
New York will purchase 22-acre
site and construct new laboratory
for lease to Sterling Winthrop Re-
search Institute, a division of the
drug firm.
Walgreen Co. sales for June to-
tailed $12,219,308, a gain 3.5Te from
year earlier; for six months, s73,-
152.561 an increase Of S4T,.
Reading Co. will start construc-
ton of 1000 all-steel boxcars when
its Reading, Pa. plant resumes op-
erations July IA after two-week
vacation.
Radio Corp. Of America an
nounced the retirement of 1t. Gen.
James G. Harbord as board chair
man. He will be succeeded by
David Sarnoff, who will continue
to serve as president also. Y
International Mining Corp. elect
ed G F. Mcdonnell president and
director. Donald E. B. Douglas,
former president, was named board