Business: Earnings: Feb. 10, 1930

Ever bullish, the Wall Street Journal last fortnight set U. S. Steel’s minimum earnings at $18 the share. Wall Street opinion predicted they would be between $19 and $20. Great was the surprise therefore when last week Steel reported profits of $197,531,349 or $21.18 the share, compared to $114,173,775 the preceding year or $12.50 the share for 1928. Especially bullish was the fact that the earnings for the fourth quarter had held up well, being $39,972,358 against $30,739,896 in the same three months of the previous year.* During the week other reports drifted in, were almost all favorable although in many cases profits had dropped toward the year’s end.

Inland Steel Co. (Eventual merger with Republic Steel Corp. constantly rumored. Railroads are large customers, rail capacity is 240,000 tons per annum): Net 1929 profit $11,712,374 as against $9,334,297.

F. W. Woolworth Co. (In 1929, exclusive of 400 British and 60 German stores, sales were $303,034,000, a new high record. December sales in 1020 lower than in 1928. More than 1,800 U. S. stores and additional Canadian and Cuban units): Net 1929 profit, $35,664,252 as against $35,385,606.

Detroit Edison Co.: Net 1929 profit $13,146,063 as against $12,643,590.

Western Union Telegraph Co. (Handles more than 80% °f landline telegraph business in the U. S. President Newcomb Carlton considers British wire and wireless merger no menace; differs with Owen D. Young. Best profit year was 1925: $16,186,000 net): Net 1929 profit, $15,490,573 as against $15,467,659.

Commercial Solvents Corp. (Uses corn as its basic raw material; produces cattle feed as a by-product): $3,667,402 as against $2,929.000.

William Wrigley Jr. Co. (Since 1010, between $60,000,000 and $70,000,000 spent in advertising): $11,454,296 as against $10,268,648.

Crosley Radio Corp. (Also “Icyball” refrigerators): $1,085,823 as against $3,-605,973.

Grigsby-Grunow Co. (Incorporated in 1920 to manufacture automobile accessories; now makes “Majestic” radio sets): $3,989.717 (six months ended Nov. 30) as against $2,642,646.

Auburn Automobile Co. (Also controls Lycoming and Due send erg) : $3,603,200 as against $1,523,290.

Curtis Publishing Co. (Saturday Evening Post, Ladies’ Home Journal, Country Gentleman, aggregate circulation over 7.000,000): $21,534.265 as against $19,-328,861.

Cluett, Peabody & Co. (Collar sales of, shirts and underwear up): $663.540 as against $1,359,013.

Texas Gulf Sulphur Co. (World’s largest): $16,247,478 as against $14.517.619.

Vick Chemical Co. (Vicks Vapo-Rub): $3,631,075 as against $2,786,692.

General Cigar Co. (“Robert Burns,” “Van Dycke,” “White Owl,” “William Penn”): $4,295,960 as against $3,140,459.

* Steel’s peak year was 1916 when net earnings were $333,574,178. Net revenues since then have been:

1917 $295,292,180

1918 199,350,680

1919 185,280,642

1920 229,968,358

1921 74,934,815

1922 93,122,653

1923 206,063,083

1924 122,494,634

1925 154,991.562

1926 195,305,513

1927 147,880,237

1928 190,880,707