Time Clock, Jul. 11, 1960

TOP TEN COMPANIES in U.S. last year, according to FORTUNE survey, were, in order:

General Motors

Standard Oil (NJ.)

Ford Motor

General Electric

U.S. Steel

Socony Mobil Oil

Gulf Oil

Texaco

Chrysler

Swift

First seven places were the same as 1958, but Texaco moved up to eighth spot from ninth last year. Chrysler rose to ninth from eleventh and Swift dropped to tenth from eighth. Western Electric, tenth in 1958, was eleventh last year. FORTUNE found sales of 500 largest firms rose to $197.4 billion, up 11.6% from 1958, with profits up 25.1% to $12 billion.

STEEL-SHARES OFFERING to private investors to complete denationalization of British steel industry will soon be sold by British government, despite opposition of Labor Party, which nationalized companies nine years ago. Government still holds twelve companies (about 10% of capacity) valued at about $672 million.

AMERICANS SMOKED a record 463.5 billion cigarettes in the past year (nearly 20 billion more than the year before).

TAX LOOPHOLE was closed by U.S. Supreme Court ruling that mining companies that are also manufacturers may claim depletion allowances only on raw materials, not on finished products. Ruling will gain Treasury $50 million this year, about $600 million a year in future.

NIGERIAN BRANCH will be opened by Bank of America in Lagos next month, will be first U.S. commercial bank in Africa’s most heavily populated country, which becomes independent Oct. 1.