Earnings

Shocking as 1931 earnings fresh shocks last week forecast shocks to come. Last fortnight's news that great U. S. Steel had earned 5 cents per share in the first three months 1931, as against $3.44 last year, was keynote. Dividend actions have continued adverse. By April's end, 429 companies had passed their dividend, 251 ordered a reduction. Last year these were 58 and 219, respectively.

Further representative industrial earnings reported last week included:

First Quarter 000's omitted D=Deficit

1930 1931

American Rolling Mills 730 663 D American Steel Foundries 1,019 66 Anaconda Wire & Cable 59 161 Art Metal Construction 157 30 D Atlas Tack 22 D 26 D Barnsdall (oil) 1,420 1 Columbian on Carbon 810 560 Commercial Credit 1,087 865 Container Corp. 135 124 D Crosley Radio 696 D 471 D de Long Hook & Eye 38 48 General American Tank Car 1,703 1,204 Grand Union 235 249 Hayes Body 106 D 93 D Long Bell Lumber 305 D 700 D Ludlum Steel 49 D 16 Mack Trucks 490 178 D Maytag (washing machines) 391 215 Murray Corp. (motor bodies) 295 204 D National Candy 313 112 Newport Co. (chemicals) 426 240 Patino Mines (tin) 150 D 163 D Pittsburgh Screw & Bolt 778 3 Philadelphia & Reading Coal & Iron 630 656 Poor & Co. (railroad equipment) 629 211 Shell Union Oil 3,155 D 9,903 D Simms Petroleum 37 D 396 D Standard Oil of Calif. 9,430 4,368 Timken Roller Bearing 3,106 1,314 United Aircraft & Transport 900 806 White Rock 257 212*

*Last fortnight TIME reported White Rock Mineral Spring Co. as showing a 2,885,000 DEFICIT during the first quarter. This was a typographical error. White Rock's first quarter showed earnings of $212,000, a drop of $45,000 under 1930. White Rock's annual net has averaged $1,000,000 for seven years.

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