Evening star., 1950-07-13
Business Briefs
Bank Clearings in 25 leadi

Bank ClearIngS IN rs leading
cities expanded to $14.345, ,071 900
in the week ended July II VS..
$13,031 ,215,000 in the preceding
holiday week and $13,195, sos, 900
in the like 1949 week.-Dun g.
Bradstreet.
Business Loans of member banks
in leading cities rose to $780,
100000 on July 5, a gain of $50
million from week earlier and
1864 million above a year earlier.
Federal Reserve Board.
New Passenger Cars registered
in the first five 1850 months to-
tailed nearly 2,250,000 and for the
first six months probably will
exceed 2,720.000.-R. L. Polk &
Co. Final May figures total 49,
1863, highest on record except for
May. 1941, and March, 1850.
Crude Oil Production in the
week ended July averaged 5.475,-
500 barrels daily VS.. 5,435 $50 in
the previous week and 4.721 600 in
the, like 1949 week.-American
Petroleum Institute.
Lead Price was advanced half
cent a pound to II cents, New
York basis. by a leading custom
smelter. A similar increase was
made yesterday.
Pressed Steel Car Co. sold its
McKees Rocks PaD plant to a
syndicate which plans to dis
pose of the machinery and equip
ment and create multi-industry
settlement in the 100-acre tract"
1t was understood the sale price
exceeded 50 million.
Southern Co. announced an in
definite deferment of it's sale of
a million additional shares of
common stock, on which bids were
to have been received July Is.
Unsettled market conditions were
blamed.
Erie Railroad awarded $8.1 mil
lion of equipment trust certificates
to a syndicate managed by
Solomon Brothers & Hutzler on a
bid of 99.0399 for 23s% coupon.
Motor Products Corp. declared a
209o stock dividend. payable Sep
tember Is, and a regular quarterly
of so cents, payable August Is.
Merritt Chapman & Scott Corp.
declared a 40qo common stock
dividend, payable October Is, and
increased the regular semi-annual
cash dividend to 81 from 80 cents,
payable August IS.
Pfeiffer Brewing Co. declared
quarterly dividend of so cents on
new common stemming from 2
for-1 split, payable September /.
This is equal to 81 on old shares
which received SO cents quarterly.
Avco Mfg. Corp. earned $4.8o4,-
685 or 81 cents a share in six
months ended May 81 VS.. $2,566.-
$40 or 35 cents a year earlier.
Mead Corp. profit for "a weeks
ended June IL was $2,406,916 or
$3.O5 VS.. 81 ,352, ,037 or $1.58 in the
like 1949 period.
Thomas Steel Co. earned $751;
662 or $2.43 in six months ended
June 80 VS.. $726,575 or $2.04 a
year earlier.
Madison Square Garden Corp.
net income for three months end
ed May 81 was $326.847 or 40 cents
VS.. $240,903 or SO cents in the like
1949 period.
Barker Bros. earned 1851 ,595 or
IS cents in six months ended June
80 VS.. $406, 1856 or 81 year earlier.
j. p. Stevens g. Co. announced
the retirement of Robert E. Henry
as vice president and William
Fraser as treasurer. They will
continue as directors.
Radio Corp. of America elected
Walter Albert Buck vice president
and general manager of the r. c.
A.-Victor Division.
Ball Brothers Co., Inc, appoint
ed Duncan c. MenzieS of johnson
g. johnson to the new post Of
executive vice president and gen.
eral manager.
Seagram-Distillers Corp. elected
Herbert w. Evenson executive vice
president and George E. Mosley
vice president in charge of ad-
vertising and sales promotion.
Hotpoint, Inc, elected w. r.
Grant vice president and secre-
tary and Ralph Spang controller.