EARNINGS: Past the Billion Mark

When General Motors was incorporated in 1916, the net profits of all 80,000 U.S. manufacturing corporations were $4,157,-626,000. Last week General Motors alone announced that by year’s end it would earn, after taxes, a profit exceeding $1 billion. Never before in history has one corporation made so much in so short a time. In fact, after just three-quarters of 1955, G.M.’s profits amounted to a staggering $912,887,537, or more than it had ever earned in the whole of its best previous year (1950: $834 million).

Many other records fell last week as more third-quarter earnings figures were published. Standard Oil (N.J.), biggest of the petroleum giants, announced a nine-month net of $523 million, 19% above last year, setting a high mark for the company and the entire oil industry. Socony Mobil Oil hit $145 million, 13% above a year ago. The Texas Co. soared to a nine-month high of $189,767,006, up 24.9% over 1954.

U.S. Steel, No. 1 steelmaker, earned $267,506,943, or 93% ahead of last year, while Bethlehem Steel, in second place, hit its peak with $122,689,308, well above the previous peak of $93,525,000, set in 1953. Other record-setters: Sylvania Electric Products, with $9,556,210, 55% over last year; American Can, with $28,932,161, up 18%; Alcoa, with $55.779.754, 71% over 1954; Vanadium Corp., with $42,516,191, up 59%; Libbey-Owens-Ford, with $26,984,159, up 51.7%.

For some stockholders the records meant a rich fall harvest of dividends.

Socony Mobil paid an extra 50¢ a share; Texaco gave stockholders an unexpected $1.10 a share, in addition upped the usual quarterly dividend from 75¢ to 90¢ ; U.S. Steel tacked an additional 15¢ onto its regular quarterly payment of 50¢; I.B.M. declared a 2.5% stock dividend; Deere & Co. upped its dividend 25¢.