Evening star., 1948-09-03
Business Briefs

Hot WeatneT QlSCOul dScu Ioli-
sumer buying in many parts OF the
country during the week ended Sep
tember Dun g. Bradstreet. Retail
sales were fractionally below the
preceding week but remained 20
to 60 ahead of the like 1947 period.
Money in Circulation expanded to
s28,o72 100000 on September l, a
gain of SlO7,O0OO0O from week
earlier, but remained S677,0OO 900 be-
low a year earlier-Federal Reserve
Board.
Farm Price Declines will benefit
more people than they hurt-Na-
tional City Bank There is little
ground for the fear that business
may be on the point of a major
downturn, the bank added.
Engineering Construction awarded
in the week ended September 2
totaled $l46,801 900, a rise OF 54@o
from the previous week and 2O@o
above the like 1947 week-Engineer-
ing News-Record.
Net Income OF class I railroads in
july totaled s76 100000 VS.. $4,000 900
in the same l947 month-ASsocla-
ton of American Railroads. Net
income for seven 1948 months was
1894, 100000 VS.. $247 100000 year
earlier.
Deliveries of New Freight Cars in
August totaled 1882 VS.. 8,706 in the
previous month, and was only slight
ly below the 1943 peak of 10,38l set
in June - American Railway Car
Institute.
Member Firm Borrowings from
banks, trust companies and other
lenders totaled S323,48e,473 on Au-
gust 81 VS.. s3751o3,245 a month
earlier and S335,4l1 .227 year ear
lier,-New York Stock Exchange.
Stock Exchange Membership
changed hands yesterday at $4,000,
down $1,000 from the last previous
transfer, July 81.
Foreign Silver Price at New York
was raised to 75l4 cents an ounce,
highest price since April lS, l947,
and an advance Of 4 OF a cent
from yesterday.
Virginia Electric & Power Co. will
apply within the next few days for
Federal license to construct an
s18.00OO00 dam and hydroelectric
plant on the Roanoke River. Presi-
dent J. G. Holtzclaw disclosed
Hoover Co. announced consolida-
tion of a subsidiary, Kingston-Con- =
ley Electric Co.. with the parent
company. The subsidiary was ac-
quired in l945
Central New York Power Corp
asked SEC permission to borrow up
to SIS 900, 900 more for new construc-
ton this year This is in addition
to Sl0OO0o00 in loans already ap-
proved.
Bendix Aviation Corp. declared ar
extra dividend Of so cents and 6
regular quarterly of so cents, both
payable September 30
Bulova Watch Co. declared ar
extra dividend Of so cents and g
regular quarterly Of IS cents, botf
payable October l.
Lehigh Portland Cement Co. de.
clared a dividend of Is cents com.
mon share, payable December l
The company declared so cents ir
July and previous payments were
37i2 cents.
Southern Pacific Transportation
System earned s27,222.279 or S7.2l &
share in seven months ended July
81 vs.. s23.sel,s97 or s66.32 yea
earlier.
Philadelphia Co. net income fo
six months ended June 80 was 81.
1880 or SO cents VS.. $4.700357 o
Sc cents in the same 1947 period
Canadian Breweries. Inc, earnet
S2,225,s74 or Sl0l in three month
ended July 81 VS.. sl.6l2,l9l or 81
cents a year earlier.
American Bosch Corp. profit 70
six months ended July was s7sl.
104 VS.. s537,477 or II cents in th
same 1947 period.
Seeman Brothers, Inc. earned
&745, sos or S202 in II months endet
June 80 VS.. s637,l46 or s203 in tn,
previous year.