Evening star., 1951-07-05
Business Briefs

BANK CleaTlNgS III 40 ledQlIlg
cities amounted to $14.660, IT'S. 900
| in the week ended July 4. This is
a rise of 12.1 per cent above the
corresponding 1850 week. but it
was down 11.7 per cent from the
previous full weeks $16,609, ,000.-
dun g. Bradstreet.
Railroads Net Income in May
was estimated at $50 million. after
interest and rentals, VS.. $40 mil
lion in May, 1950-Association Of
American Railroads. Net for five
months this year was $197 million
VS.. $133 million year earlier. Esti-
mates include class ! carriers.
General Motors produced 206,-
174 passenger cars and 55,345
trucks during June in its United
States plants. compared with 3l3
passenger cars and 58,808 trucks
during the same month of 1850.
4 Air Express gross revenue from
January to May from flights in
the United States was $13,330, ,290
as against $7,867.469 in the 1850
period.-Railway Express Agency.
/ Chesapeake Corp, of Virginia
reports net profit of $1.578,178.51
Ifor the six four-week periods end
ing June II; a gain of some $173,-
900 over the comparable 1850 span.
Great Atlantic e. Pacific Tea
Co. reported earnings of $32, ,903.-
343 for the year ended February
% or $1490 a share compared
with $33,392,136 or $15.40 the
year before.
! Colts Manufacturing Co.
earned $257 900 or 1888 /. share
in the 20 weeks ended May 90,
VS.. $342,O36 or $481 in the same
period Aast year.
FibrebOard Products, Inc, re-
ported net income of $7,229,947 in
the year ended April 80, as
against $3,460,664 in 1850.
!. Southern Pacific Trans. Sys-
tenn reported net income of $17,-
942,63 or $4.20 a share, during
the five months ended May 81
compared with $12,777,S31 and
So .38 in the 1850 like period.
w. A. Sheaffer Pen Co. earned
$686, ,422 or IS cents share for
; the quarterly period ended May
81, VS.. $552.122 or 68 cents a share
, in the same quarter last year.
, American Natural Gas Co. OF
New York and subsidiary, Michi-
gan Consolidated Gas Co., has
applied to the Securities and Ex-
change Commission for approva
of a $40 million financing pro-
, gram involving issuance and sale
lby Michigan Consolidated al
: competitive bidding of SIS mil
lion in first mortgage bonds, ane
q sale by Michigan Consolidated tt
American Natural of $5,012,000.
Nickel Plate Road today award.
ed an issue of $l,950.000 of seria
equipment trust certificates tt
Halsey Stuart g. Co., Inc. The
a award is subject to interstate
4 Commerce Commission approval
: Halsey Stuart's bid was 99.509 fol
4 3 per cent obligations.
. AVCO Manufacturing Corp. ha!
= completed arrangements to bor
: row $40 million from metropolitan
4 Life Insurance Co. and Prudential
Life Insurance Co. on 334 per cen
4 notes due in 1870. The none,
= will be used to expand production
. connected with the rearmamen
4 program.
4 Interstate Commerce Commits
sion Cancelled plans for closing
q large number of field Offices acros
: the country.
4 Kaiser Steel Corp. has received
special tax benefits on SIS!
: million plant to turn out pi
Y iron in Fontana, Calf. 1t cal
v write off rs per cent of the plan
4 cost in the next five years an,
apply it against taxable incom
for that period. Normally, In
g ternal Revenue requires a 20
4 uaor 1x,rifanfT dofa