Full Measure

The first batch of annual reports for 1950 came out last week. They had a 24-carat glitter:

U.S. STEEL CORP. sold more steel (22.6 million tons) than in any other year, netted a thumping $215 million v. $165 million in 1949. Though sales were 130% above 1917, Big Steel's profits were still slightly below that record World War I year. Reasons: high taxes ($234 million), skyrocketing costs, provision for an 8% expansion program.

INTERNATIONAL HARVESTER Co., which boosted its sales of trucks, power equipment and refrigeration products to make up for a slight dip in sales of farm implements and tractors, had a record net of $66.7 million v. $61.2 million in 1949.

ALLIED CHEMICAL & DYE CORP., with dozens of new postwar products, including insecticides, weed killers and dyes, set a new earnings record of $41.2 million v. $37.1 million in 1949.

UNION CARBIDE & CARBON CORP., which has spent more than $200 million expanding its Bakelite, chemicals and other divisions since the war, netted a peak $124.1 million, 26% more than in 1949.

THE PENNSYLVANIA RAILROAD Co., which ordered during the year more than 20,000 new freight cars, earned $38.4 million, more than treble 1949's profits, and the best since 1945.

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The nation's airlines had their best year in 1950, according to preliminary estimates. Sample: American Airlines, largest domestic carrier, may earn $1.30 a share v. 79-c- in 1949; United Air Lines, $3 a share v. 88?; Trans World Airlines, $2.50 v. $1.53; Eastern Air Lines, $1.50 v. 82-c-. This year the airlines are doing even better. It looks as if they will run in the black this winter (normally a money-losing season) for the first time in history.

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