Worst since 1946

Not in six years had the profits of U.S. industry, hard hit by taxes, rising costs and fewer sales, made as poor a showing as in 1952's first quarter. Before taxes, they were the highest (estimated: $42.5 billion) of any year except 1951's alltime record; afterward, they were the lowest of any year since 1946's marginal, reconversion-battered first quarter. Some of the typical casualties: General Motors' net off 10%, U.S. Steel's 10%, Du Font's 15%, Union Carbide & Carbon's 20%, U.S. Rubber's 30%, topped by Libbey-Owens-Ford's 43%.*

*One notable exception: Chrysler Corp., which managed to boost its net 41% (to $18.8 million) despite an 8% drop in sales and a 373% jump in taxes. Chrysler said its better net resulted from higher OPS prices and an $85 million drop in production costs.

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