Evening star., 1947-02-11
Business Briefs

highest monthly average on record,
the Alexander Hamilton Institute re-
ported. The peak Of employment
was 5S,130,0 900 workers in July, but
afterward there was steady decline
to 56,310,000 In December This re-
fiected the usual seasonal slump ow-.
ing to workers changing jobs and the
slack season for agricultural workers.
F. d. Newbury, vice president of
the Westinghouse Electric Corp,
predicts there will be mo serious
or prolonged depression before the
late 1950s." At Pittsburgh, Mr.. New
bury said today: I'm our own busi-
ness, we are looking for billings and
production to nearly double the rec
ord of strike bound 1896"
United Air Lines 94,773 new shares
of cumulative preferred stock will
have a dividend rate of AZ % and
each share will be convertible into
four shares of common. This was
made known in the company's final
amendment to its registration state
ment filed with the Securities and
Exchange Commission.
Crude Oil Production averaged
4,791,770 barrels day in the week
ended February 8, the Oil & Gas
journal reported. This was an in
crease Of 130,550 barrels over the
preceding week.
Manufacturing Failures in 1916
outnumbered wholesaling and re-
failing failures for the first time in
history, Dun & Bradstreet reported
OF 1,l30 concerns Of all types failing
that year, 452 were manufacturers,
403 were wholesalers and retailers,
and 275 were miscellaneous. Manu-
facturers' liabilities were $37 ABS, 900
out Of $70,349 900 involved.
Transcontinental g. Western Air
president, Jack Frye, sold 1900
shares of the lines common stock
In January, the New York Stock
Exchange reported, retaining 287
shares. The Civil Aeronautics Board
has ordered an investigation Of the
recent agreement whereby the
Hughes Tool Co. lent the airline
$10,000,000 with the privilege of
naming the majority of the Board
Of directors and converting the loan
into common stock.
Radio Stations enjoyed TO in
crease in net time sales last year
over 1915, according to reports made
public by the Federal Communica-
tions Commission. Time sales of the
four national networks and their
key stations amounted to S70,008 1862,
a2% increase over the previous year.
Panhandle Eastern Pipe Line Co.
reported 1916 earnings of $7,693, ,134,
equal to $4.40 a common share, COM
pared with $7,67e,o05, or $4,2S, in
1945.
Norwich Pharmacal Co. earnings
last year were $3.50, TBS, or $1.23 a
share, VS.. $694, 900 or 81 cents.
J. C. Penney Co. reported January
sales of $44,286 .002, 300 above the
same month last year.
Bond Stores, Inc, sales for jan
uary were $5,659. .72e, 38.9qo over 1916.
Colonial Stores reported sales for
four weeks ended January rs were
s1i,776,577, an increase of 31.4% over
the corresponding 1s46 period.
Reliable Stores, Inc, announced
1946 earnings Of s20.015, ,460, or $40
q share, VS.. $799, ,46l or $2.25 the
previous year.
Gotham Hosiery Co. income for
the year was $l,42l, ,704 or $3.55 VS..
$610.323 or $1.52.
Clarence Stanley resigned as
chairman Of the Executive Commit
tee and board member of the Mellon
National Bank 81 Trust Co., Pitts
burgh, to accept general partner
ship in Morgan, Stanley & Co., New
York.
J.J. Newberry Co. declared divi-
dend Of so cents. payable April on
stock Of record March IS.