Spring Upsurge

P:There were signs of a strong comeback in auto sales. For the first ten days of March, sales were up 13.5% over the same February period, biggest increase in seven months. But even if the upsurge continues at the present rate, it will still take until June to whittle down the inventories of 904,220 cars to normal levels of 400,000 to 500,000 cars. For this reason, automakers cut production still more last week. General Motors and American Motors laid off another 4,000 workers, bringing the total laid-off in the industry to 40,000. Auto production dropped to 153,692 units weekly, 24% lower than 1955's rubber-burning pace.

P:Appliance-makers announced that January deliveries of major appliances were 2.8% ahead of December, with vacuum cleaners and ironers up 24.1% to 40.9%.

TP:he bull market worked its way up to still higher ground, closed at 513.03 for the week on the Dow-Jones industrial averages.

P:Two oil companies turned in rich earnings reports. Socony Mobil announced alltime high sales of $1.7 billion for 1955, with earnings of $207 million, up nearly $24 million from 1954. Gulf reported 1955 sales and service revenue of $1.8 billion, with profits of $218 million, 19% higher than 1954.

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