Business: Modest Upturn

Second-quarter corporate reports last week showed that some industries hardest hit by recession were recovering their earning power. Steel profits were up over the first quarter; secondary companies still in the red were trimming their deficits. Westinghouse Electric reported, along with increased net, that June orders were the highest of the year. Oil companies, squeezed by depressed prices and increased costs, were still showing skidding earnings. But tobaccos were still riding high on price increases and the popularity of filter tips. General Motors, only one of the Big Three to stay in the black for the quarter, thought the worst was behind. Said President Harlow Curtice of the auto industry: “There are indications that a modest upward trend has begun.”

QUARTERLY EARNINGS 1st 2nd (in millions) STEEL

Bethlehem $24.8 $29.0

Armco 9.3 11.6

Pittsburgh 1.0 (loss) .6 (loss)

Detroit .3 (loss) .002

OIL

Standard Oil (N.J.) 167. 124.

Texas Co. 70. 68.5

Phillips Petroleum 20.5 15.9

Socony Mobil 39.1 28.4

Continental 10.7 9.5

Standard Oil of Calif. 57.4 59.3

Sinclair 16.4 8.4

TOBACCO

American 12.4 14.7

Philip Morris 2.9 4.5

AUTOS

General Motors 184.6 148.9

MISC.

Lockheed Aircraft 5.1 4.7

United Air Lines .4 (loss) 4.5

American Can 7.1 11.1

Kennecott Copper 11.6 11.3

U.S. Rubber 3.9 4.8