Unemployment claims increaseThe number of Americans filing...

BUSINESS DIGEST

July 22, 1994

Unemployment claims increase

The number of Americans filing new claims for state jobless benefits shot up last week to the highest level in nearly six months, the government said yesterday.

The Labor Department said new claims for state unemployment benefits in the week that ended July 16 climbed to 392,000 from a revised 365,000 the previous week, the highest since 408,000 in late January.

Analysts said the jump in claims was due largely to the auto industry's regular model changeover in early July, in which carmakers lay off employees while gearing up for new models.

Southwest Airlines profits leap

Southwest Airlines yesterday reported a sharp jump in second-quarter profits, helped by higher revenues and lower costs.

The Dallas-based carrier said profits rose about 38 percent, to $58.5 million, or 40 cents a share, in the quarter from $42.1 million, or 29 cents a share, a year ago.

Revenues rose to $661 million from $568 million. Operating costs per available seat mile were 7.18 cents, vs. 7.41 cents a year ago.

First National buys company

First National Mortgage Corp., a subsidiary of First Maryland Bancorp, yesterday said it signed a letter of intent to buy the assets of Humphries & Associates, a Louisville, Ky., mortgage banking company. First National expects to complete the purchase of Humphries, which originated $360 million in residential mortgages last year, by the end of the month. The terms were not disclosed.

Coca-Cola names new president

M. Douglas Ivester, head of Coca-Cola's U.S. operations, was named company president yesterday, prompting speculation that he will eventually succeed Chairman Roberto C. Goizueta.

Mr. Ivester, 47, has been mentioned often as a contender to follow Mr. Goizueta as chairman and chief executive. Mr. Goizueta recently agreed to stay on indefinitely past 1996, when he turns 65.

Contractors become partners

J. F. Fischer Inc. and Power and Combustion Inc., two local mechanical contracting companies, yesterday announced they have agreed to establishing a partner relationship.

The two companies, which will remain separate legal entities, this fall will move into the same location at 7909 Philadelphia Road in Baltimore.

Carrollton Bancorp earnings rise

Carrollton Bancorp, the parent of Baltimore-based Carrollton Bank, yesterday reported a 21 percent increase in earnings during the second quarter, mostly due to strong expense controls. The company earned $534,000, or 48 cents a share in the quarter, up from $440,000, or 40 cents a share a year ago.

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