More Nuggets

To the golden flood of third-quarter earnings, a few new nuggets were added.

P:General Motors Corp. reported nine-month sales of $7.9 billion, highest in its history, and $400 million more than in all of last year. G.M. netted $453 million, v. $387 million a year ago. Third-quarter earnings, nipped by the disastrous Livonia plant fire (TIME. Aug. 24), were $140 million, v. $11 8 million a year ago, when the steel strike slowed down operations.

P:United States Steel Corp. reported an increase in earnings from $55.6 million in the second quarter to $61.7 million. Al though its operating rate slipped from 98.1% of capacity in the second quarter to 95.8% in the third, Board Chairman Benjamin F. Fairless said capacity operations for the rest of the year are "about certain," predicted a 95% operating rate for the first quarter of 1954. Bethlehem Steel Corp. reported nine-month earnings of $93.5 million, highest on record. Said Chairman Eugene G. Grace: "I do not anticipate anything like a serious falling off in business next year." P: Westinghouse Electric Corp. reported a record third quarter, with sales of $383 million and net of $17.6 million, up 1.9% from last year. Although retailers grumble that television sales are slow, Westinghouse announced that its television sales in September were up 216% over last year, while rKdio sales were up 499% for the month. Other radio firms reported similar results. Motorola Inc. sales hit a record $49 million in the third quarter, and earnings were up 51% to 79^ a share.

Admiral Corp. sales were up 50% to $58.6 million in the third quarter. Sylvania Electric Products Inc. reported a 30% sales increase to $75 million, and declared a 10% stock dividend.

P:International Business Machines Corp.

ran into stock-dividend trouble. I.B.M.

was forced to cut its usual 5% stock dividend in half., because the New York Stock Exchange refused to permit it to declare cash and stock dividends larger than its earnings. The company earned $7.53 a share in the first nine months of this year, and a 5% stock dividend would have lifted the value of total dividend pay ments to $15. I.B.M. stock dropped eleven points to 230 on the exchange.

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