Earnings

Bad reading for stockholders were most of the earnings statements released last week. But bullish items were present. Compiling the first 275 statements issued, National City Bank compared the total first-half earnings with the same period last year, found a 24% drop, compared second-quarter figures with the same period in 1928, found the decline was only 3%. Interpretation: the decline in business, compared to a normal year, is not serious. Equally bullish was the statement issued by U. S. Steel's finance committee: "At this date, the manufacturing plants are operating at about 63% of capacity. Indications . . . point to an increase in this rate . . . during the balance of this quarter with an improvement in volume during the last quarter. . . ."

Earnings for U. S. Steel Corp. for the half-year were $67,904,000 against $96,001,290--this year's figure being swelled by a $4,793,272 apportionment of net interest on Federal tax refund, accounting for 56-c- of the $6.46 earned Other statements included:

1929 first half 1930 first half (000's omitted)

American Metal Co. Ltd $ 1,658 $ 1,272

Barnsdall Corp 4,115 3,367

Bethlehem Steel Corp 33,314 28,872

Bush Terminal Co 931 988

Calumet & Hecla Consolidated Copper 3,642 1,160

Childs Co 420 668

Corn Products Refining Co.. 6,866 6,641

Maytag Co 3,236 1,382

National Cash Register Co. 4,406 1,85

National Dairy Products Corp. 11,601 12,947

J. C. Penney Co., Inc 3,725 3,407

Packard Motor Car Co 14,675 5,526

Radio-Keith-Orpheum Corp. . . . 630 2,166

Studebaker Corp 11,183 2,507

United Aircraft & Transport Corp 4,410 2,102

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