EARNINGS: Box Score on 1953

In the 1953 annual reports that came out last week, "record-breaking sales" was a welcome cliché. Though high taxes often kept profits from also breaking records, the 1953 net earnings of most firms reporting last week topped 1952 levels by handsome margins.

Automobiles. General Motors took in $10 billion, the highest gross ever attained by any corporation anywhere. After paying history's biggest tax bill—$1.2 billion—G.M. netted $598 million, 7% more than in 1952. Earnings of Studebaker, harassed by tooling troubles and supplier's strikes, skidded from $14.3 million to $2.7 million, though sales edged ahead to a record $594 million.

Steel. U.S. Steel, operating at 98.4% of capacity, upped its gross 23% to a new mark of $3.9 billion and its net 54% to $222 million. Crucible Steel's sales also reached an alltime high, but profits slipped 5% to $5.1 million.

Mining. Phelps Dodge, No. 2 domestic copper producer (after Kennecott), came put 11% ahead of its 1952 marks, both in sales and in earnings of $39 million. Freeport Sulphur piled up the highest sales, $38 million, and profits, $8.5 million, in its history.

Oil. Standard Oil of Ohio struck it rich with a record gross, $336 million, and a 20% higher net, $21.2 million. Ohio Oil's sales rose 8%, its earnings 11% to $43.5 million.

Chemicals. With sales up 28% to a new peak, Monsanto earned $26.4 million. 14% more than in 1952. Merck's sales stayed at the 1952 level of $160 million, while profits sagged to $11.4 million, down 4%.

Foods. Borden's gross hit a high of $792 million, and its net went up an appetizing 15%, to $20.3 million.