The Sad Figures

The nation's two biggest manufacturing industries last week showed how hard they were hit by the recession in earnings figures for 1961's first quarter. Chrysler reported a loss of $21.9 million, largest in its history, making a deficit of $2.45 a share v. earnings of $1.25 a share in the first quarter of 1960. General Motors' earnings dropped to 65-c-, compared with $1.14 a year ago; American Motors declined to 12-c- v. 1960's 80-c- a share.

The nation's steelmakers showed up just as poorly. U.S. Steel's earnings plummeted to 47-c- v. $1.97 in the first quarter of 1960, when they were making up for strike-lost business. Jones & Laughlin dropped to 28-c- v. $2.22 a year ago; Inland Steel slid to 46-c- v. $1.07, and Bethlehem Steel reported the lowest earnings for a nonstrike period since 1945: 14-c-, as against 1960's first-quarter earnings of $1.10 a share. "We had a bad first quarter," said Bethlehem's President Edmund F. Martin, "but production is up this month, and we expect it to pick up quite a bit more in May."

Other companies had happier news to report. Standard Oil's earnings jumped to 89-c- from 1960's 79-c- a share; Gulf was up to 92-c- from 79-c- a year ago. Both Philip Morris and American Tobacco reported record-breaking first-quarter sales. Philip Morris made $1.21 a share v. $1.15 a year ago, while American Tobacco increased to $1.11 from from 98-c- last year.

Other first-quarter earnings (per share) :

1961 1960

Reynolds Metals 25-c- 30-c-

Eastman Kodak 56-c- 62-c-

Fairchild Camera 71-c- 65-c-

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