Time Clock: Shiny Quarter

Corporate profits in the first quarter of 1959 rose to $47 billion, an alltime peak. So Government statisticians estimated last week, as glowing first-quarter earnings continued to come out.

With furnaces pouring steel at record tonnages, the steel industry reported profits high, and still on the rise. Jones & Laughlin reported first-quarter earnings of $1.97 a share (v. 17¢ last year) on record sales of $236.4 million, predicted the second quarter will be even better. Armco Steel announced first-quarter earnings of $1.43 a share, more than 100% over a year ago. Equally soaring reports came from Inland Steel ("new first-quarter records"), Kaiser Steel (76¢ v. 46¢), Pittsburgh Steel (66¢ v. a loss last year), Detroit Steel (83¢ v. a loss last year), Allegheny Ludlum ($1.18 v. 19¢) and Granite City (up 70% to a near record of $1.62 a share). Only Lukens Steel was off the trend ($1.06 v. $1.54 last year), but expects the second quarter to be better.

General Electric's first-quarter profits were up 7% over last year, announced Chairman Ralph J. Cordiner, to 60¢ a share v. 56¢ in 1958. Ford Motor Co. reported the best first-quarter and the second-best quarter in its history, rang up consolidated earnings of $2.46 a share v. 55¢ last year. Du Font's President Crawford H. Greenewalt told stockholders that the company's first-quarter earnings increased "perhaps 70%" on a 22% rise in sales. Said Greenewalt: "In 1959, sales will be substantially ahead of those realized in 1958 and will perhaps establish a new record."

Other notable pickups in quarter earnings (per share): 1958 1959

CHEMICALS

Allied Chemical $ .68 $1.15

Dow Chemical .31 .52

Diamond Alkali .30 .76

Monsanto Chemical .34 .71

Stauffer Chemical .78 1.03

MISCELLANEOUS

National Dairy Products .65 .70

North American Aviation .80 .90

Consolidation Coal .35 .56

Container Corp. .31 .38

Owens-Illinois Glass .80 .98

Minneapolis-Honeywell .61 .85

Simmons .65 1.21

Blaw-Knox Co. .92 1.20

Johns-Manville .27 .56

Texas Instruments .34 .74