Evening star., 1948-01-27
Business Briefsl
CnmmereiaI ands. IndNstrial Fail


ures rose, to 100 IN the week ended
January %, largest for any week
since early 1943, and compared with
81 in the preceding week and SIS in
the same 1s47 week-Drn & Brad
street. s--->
Lumber Prices Will Drop by as
much as 20% to 3o96oT ''in the not
too-distant future" predicted Roy
Wenzlick, st. Louis housing ana
business analyst. before the North
eastern Retail Lumbermen's Asso-
citation at New York.
New Securities Marketed Today
included: 399 800 common shares OF
Bendix Aviation Corp. at $28
share General Motors holdings
$4,000, 900 of Baltimore & Ohio Rail
road 21aqo equirMent trust ceftifl-
Gates.
New York Telephone Co. received
a high bid OF 1e0.85 for $50, 900 900 OF
refunding 31sW. mortgage bonds
from Morgan Stanley 81 Co. Re-
offering was expected at 101.43.
Gulf Oil Corp. informed the, SEC
its capital stock issue will be onereo
to the public at $51 share.
Sterling Drug, Inc- announced
completion of a $4,000, 900 loan
from New York Life Insurance Co,
on a go sinking fund note payable
IN Is years. =
New York, Chicago & st. Louis
Railroad asked ICC permission TO
issue $1,400,000 of equipment trust
certificates to help finance purchases
of new rolling stock, including 400
boxcars.
Nash-Kelvinator Corp. spokesman
said there have been no negotiations
for Packard-Nash merger. The
announcement was in reply to cur
rent rumors that negotiations were
underway.
Denver g. Rio Grande Western
Railroad has ordered nearly $4,000
600 worth of new equipment for 1913,
including 10 Diesel electric locomo-
tMes. IS streamlined passenger cars
and 1,415 freight cars. .
Socony-Vacuum Oil Co. ordered
seven new ta1kers, each with a ca
pacity of more than 100000 barrels.
Armstrong. Cork Co. announced
price increases ranging from 80 to
So, on some of its linoleum products.
Massachusetts Investors Trust re-
ported net asset value on December
81 amounted to $25.36 share VS..
S24.87 on September 80 and $26.02
at the end of 1916.
National Tea Co. declared quar-
terly dividend of 371a cents a COM
mon share. payable March /. Pre-
vious payments were Is cents quar-
terly plus an extra Of 371a cents on
January 2.
Sun Oil Co. net income for 1S47
we .339.9l2 or $5.S1 share VS..
S. il or SALT in 1946.
g. Co. earned $13,863 $40
or sc,9J a share in IL months ended
october 81 VS.. $9,565,57s or s2.46 in
the previous year.
6. II. Kress Co. net income for
1e47 was $l2,672,077 or $3.50 VS.. $12,-
7S5.53l or $5.44 in 1946. Directors
declared q quarterly dividend OF 50
cents and an extra so cents, both
payable March /.
CeIotex Corp. profit for IL months
ended October 81 was $6,227 1923 or
$6.59 VS.. $s24,325 or SALT in the pre-
cedfng fiscal period.
Wheeling & Lake Erie Railway
earned 81, 6,48o, 800 or s16.15 in 1s47
VS.. s3,790,148 or $8.l8 in the pre-
vious year.
Virginian Railway net income for
1947 was s7,146,554 VS.. $3,174,955 in
1946. December net was S343,624 VS..
S340,769 year earlier.
Seaboard Air Line Railroad earned
S2,s1s,617 in 1947 VS.. $3.50 1884 in the
previous year.
Marine Midland Corp. reported net
operating income in 1947 was S.
657,6s5 or 90 cents VS.. s5,353,253 or
e5 cents In 1916.