Evening star., 1949-11-27

Security STORAGE 2o ~
%sssx:Es %ssax:Es fssssSS ts'ssSD s'a 100 5S
'Plus extra or sx,.ss ,Pa,d ar,dior 80 ia,
Potomac Electric Power common
II Business Briefs
! Money in Circulation expanded
seasonally to $27.50s, 100000 on
November %, a gain of Sill ,000.-
600 from a week earlier, but re-
manned $797 100000 below year
earlier-Federal Reserve Board.
:. Steel Mill Operations in the
Pittsburgh district next week are
expected to rise slightly above
90%o of capacity, highest level
since early in June. Mills in the
Youngstown district are expected
to reach $50 of capacity.
Department Store Sales over the
Nation averaged 80 below year
earlier in the week ended Novem-
ber 19-Federal Reserve Board.
Sales in four weeks ended Novem-
ber 10 were so below a year
earlier.
Automobile Production In the
United States and Canada reached
1949 low of 74.946 units In the
last week VS.. 1852 in the pre-
vious week and SO, ,482 in the like
1948 week-Ward's Automotive
Reports. The drop reflected the
holiday, model changeovers and
parts shortages caused by the
steel strike.
Bituminous Coal Output for the
week ended November 10 approx
imated 100000 tons, largest for
any week since April. 1948. and
compared with 100000 in the
previous week and 12.468.00o in
the like 1948 week-National Coal
Association.
New York Stock Exchange Mem
bership sold yesterday for s45 1000,
a drop of 81 900 from SAC, 900 paid
in a Friday transaction. Fridays
price was $4,000 below the last
previous transaction.
General Motors Corp. announced
it's Chevrolet Division sold l.208.-
646 cars and trucks in the United
States in ten months Of 1949.
larger total than for any other
full year. The previous peak was
in 1885 when the division sold
1,16s,863 units In IL months.
Chevrolet leads the auto industry
in sales.
MagnavOx Co. stockholders will
vote December IL on proposed
issuance OF 100000 shares Of class
A stock and $2.000.000 Of deben-
lures. Shares would be sold pub
licly and the debentures offered
privately to institutional investors.
The company plans to raise
81, 300, 900 to retire $4,000. 900 Of
bank loans and replenish working
capital. .. go
Insurance Co. Of North America
stockholders approved an increase
in authorized capital stock to
$30. .000. 900 from 5000. 900, and
directors declared stock dividend
Of one new share for each five
held. payable December 81.
Gorham Mfg. Co. declared a div
idend of SO a common share, pay
able January 16, raising payments
for the year ended January 81 to
ST VS.. 1925 in the preceding fiscal
year.
American Chain & Cable Co. de-
clared year end dividend of 40
cents and regular quarterly of 40
cents, both payable December Is,
raising 1949 payments to 81. same
as in 1e48.
Paraffine Co. declared q regular
quarterly dividend Of 80 cents a
common share. payable Decem-
ber %.
American Power h Light Co.
earned $5,625, ,3l5 in three months
ended September 80 VS.. $5,475,21l
a year earlier.
New York Central Railroad re-
ported net income of only $1,74S,-
33l or ~ cents share for 10
months ended October 81 VS.. ti4,-
i53,le5 or $2.19 in the same 1948
period.
Seaboard. Air Line Railroad
earned $6.2o1 ,203 in 10 months
| ended October 81 VS.. $8,728,539 a
1year earlier.
Moore Me- COrmack Lines, Inc.,
net income for nine months ended
September 80 was $4.225.194 or
l$2.77 share VS.. $6,384.l42 or
$4.l9 in the same 1948 period.
H. L. Green Co. earned 1884,
266 or 1921 in nine months end
ed October 81 VS.. $3.381,150 or
S2.83 year earlier.
Froedtert Grain & Mailing Co.
net income for three months
ended October 81 was 1888 ,s44 or
80 cents VS.. t388,887 or 80 cents
In the same 1948 period.
Northeast Airlines, Inc, earned
$l54,590 in 10 months ended Oc-
tober 81 VS.. a deficit Of S8l .0s7
a year earlier.
Midwest Stock Exchange elect
ed Homer P. Hargrave chairman
Of the board Of directors. He
Is Chicago partner Of Merrill
Lynch, Pierce, Fenner a Beane.
Coty, Inc. and Coty Interna-
tional elected to their boards
Thomas K. Finietter, former head
Of the EcA mission TO England