Evening star. [volume] (Washington, D.C.) 1854-1972, 1955-04-28
BUSINESS
BRIEFS

The Auto Industry's produc-
ton so far this year has been
at a rate that would roll out
about 8,25O,000 units in 1855.
But nobody expects the present
rate to be maintained through
the year. Best guesses are 6.5
million new cars will be built
and about million will be sold
this year.
Shell darcy Petroleum Co.
announced that oil has been
discovered in quantities con-
sidered encouraging" in Eastern
Nigeria. This is the second find
of oil in this area. Over f6 mil
lion ($16.8) has been spent by
the company in search for oil in
Nigeria.
American Gas e. Electric
Philip Sporn. president, pre-
dicted the systems generating
capacity in 1970-79 will reach Is
million kilowatts - nearly five
times as large as today's.
Phillips Petroleum GOWN
start work at once on a plant
near Pasadena. Tex, to produce
Marlex. it's new polyethylene, and
on one near Sweeny. Tex. to
produce las million pounds of
ethylene yearly.
Pennsylvania Railroad Melted
SAL million, or 81 cents a share.
in March. This was the best
showing for any month since
1858 and for any March since
1945. 1t brought first quarter net
to ST. million, equal to 81 cents
a share, compared with a $50
million loss a year ago.
Chrysler Division of Chrysler
Corp. today announced a new
transistor car radio that uses
only about 10 per cent as much
battery current as conventional
auto sets.
Consumers drained 2,123,000
barrels from the Nations stocks
of gasoline last week. the Amer
lean Petroleum Institute re-
ported in it's weekly review of
oil industry operations. This left
gasoline inventories 100000
barrels above the levels of a
year ago.
Equitable Life Assurance So
ciety of the United States sold
more life insurance during the
first three months of 1855 than
in any like period in its 96-year
history. Company sales of group
life insurance during the first
quarter were more than double
those of the first 1854 quarter,
while sales Of ordinary life in
surance were up 80 per cent.
Fruehauf Trailer Co. sales for
the first three months of this
year showed a 46 per cent in
crease over the first quarter of
1854, President Roy Fruehauf
announced. This years first
quarter sales came to S47.970,-
319; last years were $32, 795, 1926.
General Motors Corp. an
nounced that record first quarter
sales of 1,026,533 passenger cars
have placed it's total civilian
dollars sales 80 per cent ahead
of the corresponding period a
year ago.
Standard Oil Co. New Jersey.
its first quarter earnings
set a new high for the period.
Net profits climbed to an esti-
mated $177 million for the first
quarter last year, equal to S2.44
a share on the stock then out
standing.
Worlds shipyards were build
ing 1,276 steamships and motor
ships totaling 1896. 187 gross tons
in the first quarter of 1855, an
increase of LOT ships and 108,940
tons over those under construc-
ton in the final three months
Of 1854, according to Lloyd's.
National Gypsum Co.'s sales
this year are expected to top the
record $126.6 million set in 1854.
Sales of between $135 million
and $140 million for the year
are forecast.
Chesebrough Mfg. Co., makers
Of vaseline products. and Ponds
Extract Co. have approved an
agreement of merger. The name
of the new company will be
Chesebrough- Ponds Inc.