EARNINGS: New Champion

As the giants of U.S. industry rolled out their 1957 earnings reports last week, there were some surprises. American Telephone & Telegraph Co. bopped General Motors Corp. as the nation's No. i earner —$852.9 million to $843.6 million—the first time in eleven years that G.M. has been dethroned. And some of the biggest companies showed earnings gains for the fourth quarter, despite the recession. > General Motors' yearly profits dipped to $2.99 a share v. $3.02 in 1956, but fourth-quarter earnings rose to 78¢ v. 74¢ for 1956.

> General Electric's 1957 net jumped 16% to $2.84 a share, although sales went up only 6%. Earnings for the final quarter alone rose 21% over the year-ago level to 74¢ a share.

< Merck & Co.'s fourth quarter net increased from 45¢ to 51¢ a share, and profits for the whole year advanced 14%. CJ Reynolds Metals Co. brought in 88¢ a share in the fourth quarter v. 85¢ in 1956, but profits for the year dropped 8% in spite of record sales.