Profits

General Motors earned $149,317,553 net, in nine months. This is more than it has earned in any previous full year and represents $17.77 each on 8,700,000 common shares, after senior dividends are paid. Production of Chevrolets (80,000 in September) is approaching that of Fords (estimated 110,000 in September). Yellow Truck's net income for July-September was $163,946, less by nearly $100,000 than is required for the 1% cumulative preferred.

Du Pont. The E. I. du Pont de Nemours Co. owns about a quarter interest in General Motors, from which its nine months' income has been $20,129,413. This income swelled Du Font's earnings to $35,195,170 for the period.

U. S. Steel's net earnings for nine months are $145,502,216 ($13.06 a share), less than General Motors' earnings but greater than its own record for the same months last year by $22,594,591. Production of U. S. iron and steel companies has fallen to about 80% of capacity from the 85% of a month ago. Bethlehem Steel was reported last week to have increased the price of pig iron $1 a ton, to a base of $22.50. But otherwise prices are holding steady, due chiefly to U. S. Steel's stabilizing effect on iron ore production, pig iron and steel pourings, and the output of artifacts.

Bethlehem Steel made $34,654,135 through September ($28,445,606 the same period in 1925).

Pennsylvania R. R.'s net railway operating income for nine months was $77,077,662($71,112,645 same period last year). Directors last week put dividends on a 7% basis. Past dividend rates have been: 1893-99, 5%; 1900-05, 6%; 1906, 6 1/2%; 1907-20, 7%; 1921, 4%; 1922, 5%; 1923 and since, 6%. About $4,469,820 of the Pennsylvania's present profit comes from its stockholdings in the Norfolk & Western, the directors of which last week declared an extra $3 dividend on top of their usual $7. This extra meant $893,964 to the Pennsylvania. In general the "hard coal" railroads, which haul anthracite from the Pennsylvania deposits, are prospering.

Chrysler increased its operating expenses enormously because of the new models it brought out this summer. Therefore its nine months' net income is $11,719,812, against the $16,275,286 for the same period last year. Income to date averages $3.85 a share.

Packard completed its fiscal year on Aug. 31, with net profits of $15,843,586.80 ($5.27 a share), its record. The best previous year was 1925, net profits being $12,191,081.21 ($5.01 a share).

Studebaker made $11,804,125 up to Sept. 30. This was a decline from last year's $15,157,226.