Follow the Leaders

Said U.S. Steel Chairman Roger M. Blough last week: "Things are good in the economy as a whole." Profitwise, that was probably the understatement of the year. Last week a trio of giants, U.S.

Steel, General Motors and Standard Oil (N.J.), reported that they had shattered their earnings records. Steel netted $177,877,960 in the first half, 89% more than last year. In the second quarter alone, it netted $105,225,558, more than doubling last year's second quarter $49,020,738.

General Motors ran up a second-quarter profit of $351,555,080 v. $236,083,050 for the same period a year ago, and a half-year net of $661 million v. $425 million last year, despite a 25% decline in defense sales. Jersey Standard's peak $344 million for the half year topped 1954's six months' profit, $293 million, by 17%.

Many another corporation followed right behind the leaders. In petroleum, Socony Mobil earned a record $97 million in the first half, up 10.2% from last year; Gulf Oil's semiannual $91,871,000, 13.7% higher than last year, set another record; Phillips Petroleum's profit hike of 12.3% above the previous half year, to $42,575,770, set still another high mark. Little Steel was not to be outdone. Operating at 101% capacity, Jones & Laughlin netted $12,926,000 in the second quarter, 104% above a year ago. while Bethlehem, averaging 100.6% capacity, also hit a new quarterly high of $47,006,062 (including about $5,000,000 profit from sale of stock) v. $30,755,412 for the same period last year.

Other new half-year marks: RCA went 14% over last year, to $22,061,000: United Air Lines soared 72% to $4,272,080; U.S. Rubber expanded 32%, to $19,005,463; American Can went up 10%, to $14,417,672. Western Union about doubled its six months' income, to $6,610,847, as did Pittsburgh Plate Glass, to $32,562,512. Even Pat McGinnis' New Haven Railroad, which has made many enemies among its commuters during 1955's first half, also made money: its six months' net was $5,990,461 (including $1,700,000 in tax adjustments, etc.). compared to $672,420 for the same period last year.

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