Evening star., 1950-06-22
Business Briefs

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cities rose to SIS, 1881 ,282 900 in the
week ended June 81 VS.. $13,553,-
255,000 in the previous week and
were 28% above $15,453.2 900
in the like 1949 Petroleum &
Bradstreet. New York City clear
ings were $50 below a year
earlier, but those of the other "a
cities were up 16.4%.
Business Loans of member banks
in leading cities increased to
$13,459, ,000, 900 on June IA, a gain
of $65 million from a week earlier
and STA million above a year
Nearlier-Federal Reserve Board.
Iron Ore Consumption by United
States furnaces amounted to
7,118,840 tons in May VS.. 6,868, 1858
in the previous month and was
more than 100000 tons above the
same 1949 month-Lake Superior
Iron Ore Association. Comsump-
tion in five months totaled 81, ,304,-
853 tons VS.. 35,713,391 a year
earlier.
Shipments Of Copper Fabrica-
tors contained 1895 tons of
refined copper in May VS.. 124,032
in the previous month, and were
the highest for any month since
January. 1947-Associated Press.
Orders booked in May called for
use of 154.295 tons of copper VS..
1895 in the previous month and
a new postwar record.
Crude Oil Production last week
averaged 5,347,400 barrels daily
VS.. 5.305.450 in the previous week
and 1922 ,450 in the like 1949
week-American Petroleum In
stitute.
Youngstown Sheet e. Tube Co.
stockholders will vote September
% on proposed 2-for-1 split in
common stock and an increase
in authorized shares to million
from 2.5 million. A dividened of
$3.50 was declared <on present
shares, payable September Is.
Previous payment was SIPS.
S. StroOck g. Co. declared a div
idend of 81 a common share, pay
able August 9. Previous payments
were so cents.
Consolidated Textile Co. de-
clared a quarterly dividend of Is
cents. payable July IA. Previous
quarterly payments were 20 cents.
Profit for nine months ended June
3 was $1.167, 900 or $1.95 a share
VS.. $441,0 or "a cents a year
earlier.
TOwmOtor Corp. declared a
quarterly dividend of 40 cents,
payable July l. Previous payments
were 80 cents.
Sunray Oil Corp. Offering of
SO, 100000 of common stock to
pave the way for merger with |
Barnsdall Oil Co. was sold within
two hours at $12.625 a share.
Southern Natural Gas Co. re- |
ceived SEC permission to borrow
up to $40 million from Chase Ma
tional and other banks to expand
its pipeline facilities. The credit
represents temporary financing of
construction.
Southern Co. and subsidiaries
earned $16,946, ,451 or $1.25 a share
in IL months ended May 81 VS..
$13, ,298,677 or Sill in the pre-
vious year.,
Georgia Power Co. net income
for IL months ended May 81 was
$10,7 ,740,468 VS.. $8,O79,840 In the
preceding IL months.
Alabama Power Co. earned
$8,810,025 in IL months ended
May 81 VS.. $780, 1886 in the pre-
vious year.
Erie Railroad net income for
f1ve months ended May 81 was
$4,260.635 or $139 VS.. $2,099, ,742 |
or 81 cents in the same 1949 |
period.
OnfO Ed1S0n Co. earned $l3,- Il
785, 1882 or $3.12 in IL months |
ended May 81 VS.. $12,544,836 or |
S2.81 in the previous year.
Valspar Corp. and subsidiaries
had net income of $324.417 or So |
cents in six months ended May 81 4
VS.. $20l .054 or 80 cents in the 1
same period last year. /
Continental Foundry & Ma
chine Co. earned $545, 900 or $1.42 Il
in six months ended May 81 vs.. l
S957 900 or $3.50 a year earlier.
Benrus Watch Co. elected S. Il
Ralph Lazrus board chairman and 4
Oscar M. LaZrus president.
American Stores Co. elected Al
bert j. Faulhaber vice president
in charge Of engineering and
James K. Robinson, jr.. vice pres
Ident In charge of warehousing
and TRANSFORMATION