Evening star., 1950-01-17
Business Briefs
Business Failures rose tn !

business FailureS rose to their
highest level in six weeks In the
week ended January IL, the total
OF 207. comparing with 161 In the
preceding week and 1877 in the like
l949 week-Dun & Bradstreet.
Home Construction set an all
time record in 1949 with work
started on 100000 dwelling units,
OF which s83,700 were financed
privately-Bureau of Labor Sta
tistics. The 1949 total compared
with 931,S00 in 1948 and the pre-
vious record of $4,000 in 1925.
Department Store Sales in New
York City were go below a year
earlier in the week ended Janu-
ary IA. Philadelphia sales were
down SO. Unseasonably warm
weather curtailed volumes.
Panhandle Eastern Pipe Line Co.
declared a quarterly dividend of
so cents on new stock, payable
March is. Shares were split Q
for l In December. Old shares
received rs cents quarterly plus an
extra Of rs cents on December Is.
Allegheny Ludlum Steel Corn.
and National Lead Co. have
formed a new company, Titanium
Metals Corp. to market titanium
and its alloys. The lightweight,
hlgh-strength metal now Is being
used extensively by the armed
forces.
Capital Airlines has contracted
to buy five reconditioned Constel-
lat1ons from Lockheed Aircraft Co.
for $648,o00 each. They will be
paid for in monthly installments
over a three-year period.
United States Fidelity & Guar
anty Co. offering of 800, 900 shares
OF additional capital stock is be-
ing underwritten by an invest
ment banking group headed by
Alex. Brown & Sons, Baker. Watts
q Co.. John c. Legg g. Co. and
Stein Bros. q Boyce. New shares
are being offered present holders
at $40 a share on the basis of one
new share for each three and
one-third shares held.
Baltimore g. Ohio Railroad was
authorized by the ICC to issue
$11. .S65,0o0 of equipment certif-
Gates. The roads loadings in the
week ended January IA totaled
48,495 cars VS.. 33.764 in the pre-
vious week and $500 in the like
1949 week.
Dow Chemical Co. and subsidi-
aries earned $15,133,416 or $2.68
a share in six months ended No
vember 80 VS.. $14,467,722, or 1854
year earlier.
Glidden Co. net income for the
year ended October 81 was $6,19l,-
925 or 1923 a share VS.. $9,276,sl9
or $5.04 in the preceding fiscal
period.
Lion Oil Co. estimated profit for
1949 was slightly above 1910
share. compared with earnings of
$11.722,432 or $5.01 a share in
1948. The company more than
doubled its underground crude oil
reserves in 1949, said President
T. M. Martin.
Mountain States Telephone &
Telegraph Co. earned $5,702,5l5
in 1949 VS.. $5,698,911 In the pre-
vious year.
Southwestern Public Service Co.
net income for IL months ended
November 80 was $4,o92,117 or
$2.75 VS.. $3.674,116 or $2.66 in the
preceding fiscal period.
Florida East Coast Railway had
a deficit Of $4, ,344, ,220 in II months
ended November 80 VS.. a loss of
$2,371 ,304 in the same 1948 Pc
riod.
Pennsylvania Power Co. earned
$l.664.o74 in 1e49 VS.. $1,611 ,oo2 In |
the previous year.
Mullins Mfg. Co. net income for
1949 was $2,900,635 or s2.35 al
share VS.. $6.418.222 or $5.o7 In
1948.
National Tea Co. sales in four
weeks ended December 81 totaled
$22.666, ,30S. gain Of $50 from a
year earlier: in So weeks ended
December 81, $274,341, 1865. a gain
Of 1.5% from l948 and a new
record.
Rogers Peet Co. announced the
appointment Of G.. Frederic Riegel
as advertising director to succeed
Robert M. Ferns, who has re-