Evening star., 1947-06-22
Business Briefs
Money in Circulation declined

Money in Circulation declined 70
$28, ,195 ,000, 900 on June 18, q drop
of $1,000 900 from week earlier,
but remained $79, ,000, 900 above .
year earlier-Federal Reserve Board.
Automobile Production In the
United States will total 97,190 We
hicles this week, including T4.l66
passenger cars and 23.024 trucks
Automotive News. Last weeks total
was 93,14s, including 72,194 cars
and 20,954 trucks.
Construction Awards in 81 States
east of the Rocky Mountains totaled
$742,837. 900 in May. a gain Of 23%
from the previous month. but 22ss
below year earlier-F. w. Dodge
Corp. For five months ended May
81 the total was 50, ,955, ,755 900, a drop
of SO from a year earlier.
Short Interest in stocks listed on
the New York Stock Exchange
totaled l1,54o, ,493 shares on June II,
highest since November, 1945, and
the fifth month-to-month gain In q
row. A month earlier the total
was 1,3l4,3s1.
Wholesale Prices declined 40 in
the week ended June 1ABureau Of
Labor Statistics. On that date they
averaged 147.6qo of the 1926 average,
were 4rc above four weeks earlier
and 1870 above year earlier.
Foreign Silver Price at New York
trlmbled to 59A cents an ounce, q
further drop of cents. The price
has dropped II cents in a week.
The Treasury Will Use Cash to
pay off 100000, 900 of a 81, 800, ,000,-
600 issue of 91-day Is 20 bills matur-
ing June 26. Retirement of these
bills, held by reserve banks, tends
to contract the base for potential
credit.
Textron, Inc, directors recon-
mended extension of the firms oper-
alton to Britain through purchase
of the Mills Equipment Co., Ltd,
of London. Stockholders will vote
on the proposal July %.
Florida Power & Light Co. asked
SEC permission to sell $4,000 900 Of
3o-year first mortgage bonds, $10,-
100000 of 25-year debentures and
10000 preferred shares.
Wheeling Steel Corp registered
with the SEC $20,ooo.000 Of 2o-year
first mortgage sinking fund bondss
series D, for public offering to
finance completion of its $50, 1875 900
expansion program.
Warren Petroleum Corp. registered
with the SEC 100000 shares Of 500
par cumulative convertible preferred
stock for public offering to repay
bank loans and increase working
capital.
Arkansas Power & Light Co.
registered with the SEC $11 10000
of 30-year first mortgage bonds to
be sold at competitive bidding to
finance construction and repay a
$1,750,000 bank loan.
General Portland Cement Co.
registered with the SEC 42,480
shares of 81 par common stock to
be offered holders of warrants at
$12 share
Lamson Corp. of Delaware de-
clared q dividend Of so cents q
common share, payable July z.
Previous payments were Is cents
year ago and Is cents last De-
cember.
Ohio Edison Co. net for IL months
ended May 81 was $7,136, ,099 or $S.08
VS.. $5,011 ,033 or 1924 in the preced-
ing fiscal year.
Dresser Industries, Inc, earned
$1,744,963 or $152 in six months
ended April 80 VS.. a deficit OF $780,
511 year ago,
Valspar Corp. profit for six months
ended May 81 was $384,065 or 63
cents VS.. $299, ,339 or SO cents In the
same 1946 period.
Cleveland Cliffs Iron Co. and
Cliffs Corp, whose merger has been
approved by stockholders, had com.
bined net income of $6,490, ,125 or
$187 a new common share in Ia
months ended May 81. This was
equal to $4.21 on the 2A shares Of
new common which will be ex-
changed for each Cliffs Corp. share
in the merger.
GAAC NdAh OsSu 4CRoA OSO ASNCAAC VA
$51, 1,r58,O18 for five months ended
May 81 VS., $43,330,1 ,164 year earlier
when railroad strike cut the total.
General Railway Signal Co. ex-
poets to receive millions of dollars
of new orders in the next two or
three years as a result of an ICC
ruling that block signals must be in
stalled for high-speed trains by
1851.
Corn Products Refining Co. raised
prices of all products except corn
sugar 20 to 35 cents a hundredweight
because of the jump in corn quota
tions.
Deere & Co. has purchased the
Des Moines ordnance plant at An
keny, Iowa, from the Government
for $4,0oo,oOO.
George A. HOrmle g. Co. will take
over the Fremont Packing Co. at
Fremont, Nebr., tomorrow and plans
to spend $2,000,000 ON expansion
and improvements.
Pressed Steel Car Co. announced
the retirement of j. F. Macenulty as
board chairman. He has been with
the company since 1899.