Evening star., 1950-06-27
Business Briefs
DIES ONLY SELECTED ISSUES
Business Failures de

Business Failures declined to
lat in the week ended June %
from 178 in the preceding week.
1t was the lowest weekly level so
far in 1850 and was $50 below a
year ago.-Dun & Bradstreet.
Standard Oil Co. New Jersey
announced plans to acquire 500,-
900 shares of Creole Petroleum
Corp. stock to effect a tax saving.
Ownership of Creole would be
boosted from the present 92.9%
to above $50 by offering eight
Standard shares for each is Creole
shares.
Park & Tilford, Inc, stock
holders voted to change the COM
pany's name to Park g. Tilford
Distillers Corp. and make it an
operating company. All liquor
subsidiaries will be merged.
Pittsburgh Steel Co. announced
a voluntary plan of recapitaliza-
ton designed to eliminate accum-
ulation of dividends now in ar
rears on class A preferred stock.
Spencer Chemical Co. offered to
common stockholders rights to
subscribe to $4,000 shares of new
4.6% cumulative preferred stock at
500 per share on the basis of .085
of preferred share for each COM
mon share held.
Texas Illinois Natural Gas Pine
Line Co. registered with the SEC
$12 million interim notes, due jan
uary /. 1852; 10000 shares of
$l00 par cumulative preferred
stock and 1,750,000 shares of 81
par common stock. New common
will be offered to present common
holders.
Emerson Radio & Phonograph
Corp. unveiled its 1851 line of tele-
vision receivers in a price range
of $l49.95 to $339.50. an average
OF 500 below previous models.
Davenport Besler Corp. received
an order to furnish IS dieSel-elec-
trio locomotives to the Royal State
Railway of Thailand at a cost of
81 100000.
De Vilbiss Co. declared a divi-
dend of 25- cents a common share,
payable July 20. A dividend OF
1914 cents was declared in March.
Olympic Radio & Television,
Inc, declared a dividend of 20
cents a share on increased COM
mon stock resulting from the re-
cent 20% stock dividend, payable
July II. The same amount was
paid before the stock increase.
Norfolk & Western Railway net
income for five months ended May
81 was $3.50, ,667 or $1.46 a share
VS.. $11,562,516 or $l.99 in the
same 1e49 period.
Seaboard Air Line Railroad
earned $3,615.40 or $3.50 in five
months ended May 81 VS.. $2.212,-
303 or 1924 a year earlier.
Texas Electric Service Co. net
income for IL months ended May
81 was $4,811,663 VS.. $4.172,866 in
the preceding year.
Ex-Cell-O Corp. earned $1,7l6,-
'27l, or $3.50 in six months ended
May 81 VS.. $1,856,428 or 1921 a
year earlier.
Dallas Power & Light Co. net
income for II months ended May
81 was $2,872,564 VS.. $2,529, ,604 in
the previous year.
. Solar Aircraft Co. earned ST.
104,066 or $3.50 a share in the
year ended April 80 VS.. $1,203, 3,287
or $3.50 in the previous year.
Baltimore & Ohio Railroad
handled 59.617 cars of freight in
the week ended June "a VS.. 81 l,518
in the previous week and 61,073I
in the like 1949 week.
Alexander Smith & Sons Car
pet Co. elected William r. c.
Ewing president to succeed Fred
erick B. Klein, who resigned be-
cause Of i'll health. Mr.. Ewing'sl
great-grandfather founded the
company in 1845. Mr.. Klein will
continue as board chairman.
Great Northern Paper Co. elect
ed Roy v. Weldon to the new
position Of vice president in
charge of engineering and re-
search.