Evening star., 1949-06-12
Business Briefs

BUSINESS 1nve&G0ffe8 on ApfH Su
approximated s53. .5s6 900 900. q
drop of 1900 600 900 from q
month earlier. but remained So
above the same l94s date-Census
Bureau. Retail inventories approx
imated sl4.046 .o0o. 900, q decline
Of s4s8 .o0o: 900 from a month
earlier and $ls. 1000, 900 below q
year earlier.
Shipments of Passenger Car Tires
in April totaled 1856 $50 units, q
rise OF 15T from the previous
month - Rubber Manufacturers
Association. Inventories increased
to 10.7o5.29l tires on April 80 VS.
8 S,858 .055 a year earlier.
Wholesale Price Average OF the
Bureau OF Labor Statistics re-
manned at 1867 of the 1886
average in the week ended June 7
but was .l% above four weeks
earlier. 1t was 5.5% below q
year earlier.
Sales of New Securities in May
declined TO s213.222 $50. second
smallest total of the year, and
compared with $365,735. .440 in the
previous month and 1899 .88o. .420
a year earlier-Investment Deal
ers' Digest.
Industrial Rayon Corp. will cur
tail production at its Covington,
Va. plant by 50go. effective tomor-
row. Some departments will be
shut down completely while others
will maintain schedules.
Consolidated Copper Mines Corp.
will suspend underground opera
tions at its Kimberly. New. copper
mines on June 80 reducing COM
pany copper production by half.
National Tube Co. shut down an
open hearth furnace at its Lorain
Ohio. works. Only 10 of the COM
pany's IL furnaces now are oper-
ating and another may be shut
down next week. officials said.
American Telephone d Tele-
graph Co. stockholders now num-
Der 100000. an increase of 5000
since the first Of 1949 and a gain
of 100000 in the last two years.
The company has %, SOC, 900 shares
outstanding.
American Ice Co. has been
offered .65,593 shares of its COM
man stock in response to its offer
to buy UP 2S.s00 shares at not
more than so q share. Offering
prices range from 1877 to 8.
MacFadden Publications, Inc,
directors took no action on a COM
mon dividend usually declared at
this time. The company paid Is
cents quarterly previously.
New Jersey Power q Light Co.
registered with the SEC $500. 900
of first mortgage bonds, due 1879,
and 10000 shares Of 500 par
cumulative preferred stock to be
sold at competitive bidding.
st. Joseph Light e. Power Co.
registered with the SEC $4,750, 900
Of first mortgage bonds. due 1879.
to be sold at competitive bidding.
Colonial Stores, Inc., sales in
four weeks ended May % totaled
$l2.6s5.s47, a drop Of 3.3% from a
year earlier: in VI weeks ended
the same date, $67 ,2s5.715. a gain
of III.
Childs Co. sales for May totaled
81 ,621, ,169. q decline of 3.5He from
a year earlier; for five months
ended May 81, $s,187.57e. q drop
of 3.4%.
Standard Gas a. Electric Co.
and subsidiaries earned $3,595, ,325
In three months ended March 81
VS.. $2,S37.177 year earlier. Profit
for the parent company only was
VS.. $s3o.152.
Kansas City Southern Railway
net income in four months ended
April 80 was $2.582, ,594 or $4.51 a
share vs.. $2.4s7 1892 or $4.33 in the
same 1948 period.
First National Stores earned
S., ,905 $50 or 1921 in So weeks
ended April 2, after $4,000, 900 re-
serve for inventories, VS.. 81. .487 1882
or $4.33 in the preceding 52-week
period when $2,400.000 was set
aside for inventory reserves.
Kennedy's, Inc, profit for three
ended April 80 was $52.-
764 or a. cents vs.. $112,44l or
Ga cents In the same 194s period.
Mid Continent Petroleum Corp.
elected Robert w. Mcdowell presi-
dent. Jacob France. who has
heen both president and board
will continue as chair
man.
Bliss & Laughlin. Inc. elected
Carl L. HUFF president and q
director.
Food Fair Stores announced
that Hess Kline will retire as vice
and treasurer. but will
remain as a director.
Argus, Inc, elected @. Stanley
Porter to the new position OF
board chairman. Robert D. Howse
resigned as president. but will
continue as a director.
Chicago, Burlington e. Quincy
Railroad announced the retire.
ment on June Is of Karl Fischer,
vice president-executive depart
ment, after 40 years of service.