Earnings

As a line of jetsam along a beach shows how high the tide has been, so earnings of representative U. S. corporations measure the tide of U. S. prosperity. Last week many a corporation report showed 1928 figures well eclipsing statistics for 1927, testified eloquently to the soundness and growth of U. S. business.

Radio Corp. Dealing in those luxuries of life which U. S. standards of living have made almost necessities, Radio Corp. of America reported approximately an even 100 million dollars of gross earnings. Net income was $22,802,000, almost twice its 1927 figure of $11,799,650. Radio Corp. earned $11.80 a share (on shares outstanding at end of 1928). As its stock had a 1928 high of 420, it was selling up to approximately 35 times earnings, thus demonstrating that a market leader pays little attention to "times earnings" standards.

American Telephone & Telegraph. U. S. telephoning showed fewer "wrong numbers" and many more telephones, reported President Walter S. Gifford of American Telephone & Telegraph Co. The year added 798,592 phones to the Bell system, making a total of 19,200,000 U. S. phones in Bell system interconnections. Ignorant persons called "information" 750,000 times a day. American Tel & Tel showed a net income of $143,170,491, an increase of $14,555,581 over 1927.

Consolidated Gas Co. Federal, state, county and municipal taxes cost the Consolidated Gas Co. of New York so much that it made only $59,592,551 net income in 1928, an increase of $7,282,394 over 1927. These taxes, totaling more than 24 million dollars, amounted to more than 17% of operating costs. Last week's report (the first since the merger with Brooklyn Edison Co.) put Consolidated in the billion-dollar class with total assets of $1,080,740,445.

Among other earnings were: Parke, Davis & Co., ("Building the fortress of health" since 1875) report net income of $8,208,874. Previous year: $7,315,365.

Wesson Oil & Snowdrift Co., (Oil for lettuce and shortening for pies) net, (quarter ending Nov. 30, 1928) $629,255. Previous year (quarter ending Nov. 30, 1927): $656,135.

Coca-Cola Co., (Soft drinks through 400,000 dealers) net, $10,189,120. Previous year: $9,163,155.

Celanese Corporation of America, (5,000,000 pounds of rayon in 1928) net, $2,356,976. Previous year: $2,754,071.

American Chicle Co., (Black Jack and Kis-Me gum, Sen Sen breathlets) net, $1,795,268. Previous year: $1,524,002.

National Tea Co., (Piggly Wiggly and National Tea chain from coast to coast) net, $2,822,440. Previous: $2,046,041.

Columbia Gas & Electric Corporation, (1,000,000 customers) net, $29,155,583. Previous year: $23,265,753.

Mansanto Chemical Works, Ltd., (Carbolic acid to kill. Aspirin to cure) net, $944,438. Previous year: $672,622.

Atlantic Refining Co., (one of Standard Oil's firstborn) $16,848,747. Previous year: $2,315,365.

Fleischmann Co., (sole rights to Scientist Fred Hayduck's yeast process and Scientist Carl Neuberg's testimonials) net, $19,820,668. Previous year: $19,423,596.