Evening star., 1947-12-28
Business Briefs

Bank Clearings in "a leading cities
reached a new high of A5,666, $751;
600 in the week ended December "a,
gain of 80 from the preceding
week and 22.6Ho in the short holiday
week a year earlier.-Dun & Brad
street.
Business Has Been Levelihg OF
during the last month following an
upswing which began in August and
reached a peak in November.-Na-
'tional ASsocia tion of Purchasing
Agents. Agents reporting increases
in sales and production declined in
December, but there was an increase
in the number maintaining a high
level, and only 90 reported de-
cline.
British Steel Production set new
record in the first two weeks OF De-
Icember.-Rritish Iron & Steel Fed
Grafton. Output was at the rate OF
il4,300,000 tons annually.
Treasury Funds totaling S527 ,3O0,-
900 will be withdrawn from deposits
in banks on January 2. Treasury Of
ficials served notice through. Federal
Reserve Banks.
Virginia Banks Will Benefit from
a State Corporation Commission
order reducing the fee for examlna-
ton of State banks by 1919, the Zee
for branch banks by 331s % and the
per diem cost of examination OF trust
departments to 500 per man plus
expenses. The new schedule will be
in effect through July l, l948.
Kaiser-Frazer Corp. announced re-
payment in full of a sl2,O00,O0O loan
IRON the Bank of America made last
February. The company Will close
the wear with a cash balance OF
around s18,000,00O and with all trade
accounts on a current basis, officials
said.
Central Illinois Public Service 20.
received SEC permission to issue
and sell comparatively $40 600 600 OF
3O-year first mortgage bonds, Sc
ries B.
Cleveland Electric Illuminating Co.
has decided to cancel plans to re-
fund 254 ,989 shares OF $3.50 pre-,
ferred stock by issuing an equal
number of new preferred stock. The
decision was due to an unsettled
market for this type of securities.
Chicago Corp. will call for re-
demptior March l two-thirds OF It's
5000 outstanding shares OF $3
preference stock at $65 a share. A
privately placed bank and insurance
company loan of $l2,000.OOO Will
finance most of the stock call.
Southern Bell Telephone & Tele-
graph Co. declared dividend OF gu
cents for the fourth l947 quarter,
This brings 1947 dividends to s2.071s
a. share. lowest rate in the COM
pany's history.
Midwest Piping & Supply Co. de-
clared an extra dividend Of 40 cents
and a regular quarterly OF Is cents,
both payable January Is.
Decca Records, Inc, expects good
business in 194S, despite the Janu-
ary l recording ban by the ATM,
because Of large backlog OF unre-
leased recordings, in addition to
thousands of records that have not
been available for more than hve
years.
Seeger Refrigerator Co. earned
$830.777 or rs cents share In three
months ended November 80 vs.. a
deficit Of 1888 year earlier
Florsheim Shoe Co. profit for IL
months ended October 81 was 81
1oo,06s VS.. $1.242,54s in the preced-
ing fiscal period. 49,.
Woodall Industries, Inc. earned
$305, ,l39 or SO cents In three months
ended November 80 VS.. $293 ,234 or
IS cents year earlier.
National Airlines, Inc, reported
a deficit of 1921. .147 for five months
ended November 80, including tax
credit of 1868, AZ. VS.. net. income
of $314,860 or AZ cents In the same
1916 period.
General Realty & Utilities Co.
carney $994,757 or 65 cents in II
months ended September, 80 vs..
s756,117 or 40 cents in the previous
year.
Sharon Steel Corp. has purchased
the Domestic Coke Corp. Of Fair
mont, w. Va, including a coal re-
serve estimated at $4,000 900 tons
The price was not disclosed.
American Smelling & Refining
Co. has purchased 10000 shares of
capital stock Of Silver King Coah-
ton Mines Co. from Kearns Corp.
and David Keith at 81 share and
agreed to pay the first $3.50 in divi-
dends to the sellers.
National Marine Bank of BalH-
more transferred 100000 from profit
and loss to surplus account, giving
the institution a 100000 capital
and a 100000 surplus.
Chesapeake & Ohio Railway ap-
pointed Charles r. Hook, jr., vice
president-personnel to succeed John
B. Parrish, 10, who will retire after
46 years service Mr.. Hook was
formerly with American Rolling
Mill Co, at Baltimore,