Evening star., 1949-09-20
Business Briefs
Steel Mill Operations

oICcl WILL operations 1Or the
current week were scheduled at
1920 of capacity, indicating pro-
duction of 1889, 100 tons-Ameri.
can Iron & Steel Institute. Fig
ures last week were 86.6To and
l ,596 500 tons; a month ago, 84.8%
and 1868 300; a year ago, 96.1%
and 1,732,200.
Business Failures in the week
ended September IS rose to 1876
VS.. 148 in the previous week and
"a in the like l948 week-Dun &,
Bradstreet.
Department Store Sales tn New
York City were SO below a year
earlier in the week ended Sep
tember II and in four weeks ended
the same date were down 29o-
New York Reserve Bank.
Stock Exchange Membership in
New York sold yesterday at $48,-
600, a drop Of $1,000 from the
years top price paid last Friday.
Eastern States Corp. attorneys
said they will file a petition for a
court order dissolving an injunc-
ton blocking stock trade pro-
posal. Federal Judge William c.
Coleman refused to lower q $780,
600 bond he required of Arthur
Brown, a minority stockholder
who requested the injunction. Mr..
Brown failed to meet the bond
requirement by the deadline yes
terday. The case is set for trial
tomorrow.
Commonwealth & SOuther
Corp. dissolution plan must 20
into effect on October /, as sched-
uled. ruled the Sd United States
Circuit Court of Appeals at Phila-
delphia in turning down a petition
for a delay.
United Corp. recapitulation
plan was upheld by the United
States Circuit Court of Appeals
at Philadelphia. The court re-
jected appeals by two groups of
preference stockholders.
Pepperell Mfg. Co. stockholders
were told that orders for cotton
and rayon goods have shown q
marked improvement since July
and that company production to
the close Of this year is pretty
we'll sold.
General Motors Corp. an
nounced that selling agreements
with distributors and dealers will
be revised lin the light of legal
trends under the antitrust laws
Changes will be made In the next
few months when new contracts
are written.
Ford Motor Co. produced its
millionth 1949 model car yester-
day. Production on the mode
started in the late spring of 194s
and 412.640 were assembled in
that year. Output this year was
587 ,038 units through last Satur-
day.
Illinois Power Co. earned So
734,937 or $3.42 share in II
months ended August 81 VS.. S.
674, 1923 or $2.96 in the previous
year.
Froedtert Grain & Mailing Co.
net income for IL months ended
July 81 was $3.299 ,204 or $3.43 VS.
81 ,553,772 or $1.73 in the preced-
ing fiscal period.
w. A. Shaeffer Pen Co. earned
1908, ,272 or $1.35 in six months
ended August 81 VS.. $l,167,979 or
$1.45 a year earlier.
Diana Stores Corp. profit for IL
months ended July 81 was $1,215,-
592 or $1.40 VS.. 81 .038, ,526 or $1.20
in the preceding fiscal period.
G. r. Kinney Co., Inc, earned
$3.50, 1872 or $1.98 in six months
ended June 30 VS.. $581, ,030 or
$2.10 q year earlier.
United Board & Carton Corp.
net for IL weeks ended August 20
was $21,997 or 6 cents a share
VS.. $78,322 or 20 cents in the like
1948 period.
Baltimore e. Ohio Railroad han
died 55,469 cars of freight in the
week ended September II VS.. 49,
418 in the previous week and &c.
627 in the like 1948 week.
international Business Ma
chimes CorD. elected Thomas !
Watson board chairman and
chairman of the Executive Com
mittee. John G. Phillips was
elected to succeed him as presi-
dent. Thomas j. Watson. jr.,
was named executive vice presi-
dent.
Lit Brothers appointed Charles
]. Collins acting general manager.
General Cigar Co. elected Max
B. Meyer vice president.