High Tide

Before 3,700 stockholders meeting last week in Schenectady, General Electric President Ralph J. Cordiner announced higher sales and higher profits thus far in 1956 than ever before in history. First-quarter sales were $946 million, a climb of 14% from last year's record; earnings rose to $54.9 million for a 5% increase and another peak. Said Cordiner, casting a sharp eye at the overall economy: "Instead of talking about a possible slowing-down, we should be making a vigorous effort to catch up with our long-term opportunities. It now appears that many of the ten-year projections made for the economy in 1952 will be realized in seven years. Before the decade is half over, we are three years ahead of our projections."

Other first-quarter reports: P: In the slowed-down auto industry, Chrysler's first-quarter profits were down an estimated 50% to some $17 million. Yet giant General Motors, with sales of $3 billion, almost equal to 1955's record, lost only 9% with net earnings of $283 million for the first quarter. Ford's net dropped 28% below last year to $73,700,000, but it was still the second-best first quarter in the company's history. P: In chemicals, Union Carbide & Carbon Corp. touched new high ground with first-quarter sales of $310 million, up 18%, and earnings of $36.2 million, up 28% over 1955. P: In steel, demand was still racing far ahead of supply. Operating at 110% of rated capacity, Jones & Laughlin had earnings of $13.6 million, up 40%; Republic Steel's profits were at $25 million, UP 37%; Crucible Steel's at $3,680,000, up 63% over 1955's first quarter. P: In pharmaceuticals, Merck & Co. reported earnings of $5,200,000, Parke, Davis & Co. earnings of $4,100,000, and Chas. Pfizer earnings of $4,598,000, all between 18% and 50% higher than 1955's first three months. P: In the aircraft industry, rising development costs on new planes clipped 28% from Douglas earnings, brought them down to a net of $5,113,000. But as more and more businessmen took to the air, Cessna Aircraft Co. became undisputed king of the small plane makers, with a sales jump of 45% to $33 million in the past six months. Cessna's commercial business alone was currently running at more than double the 1955 rate, big enough to boost first-half earnings about 60% to some $1,700,000.

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