AVIATION: Trade Winds

After two years of storm, the air began to clear last week for the aircraft and airline industries.

¶ Douglas Aircraft found that its earnings were "materially larger than anticipated" and declared an extra $2.75 dividend along with the quarterly $1.25 payment. Estimated 1948 profit was at least $4,650,000, compared to a $2,140,000 loss in 1947 (including a $12,640,000 tax credit).

¶ Lockheed, thanks to big military orders, got out of the red in 1948 and hoped to do better this year. It had worked its bank debt from $27,000,000 down to $6,000,000 and has a $195,900,000 backlog, compared to...

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