First Crop

Last week Manhattan's National City Bank predicted that 370 leading U. S. manufacturing corporations' combined net income for 1939 (after taxes and less deficits) would turn out to be around $329,000,000 or twice 1938's $159,000,000. Despite the last quarter steel boom, not everyone thought the two years were that far apart. But by week's end the first big crop of 1939 earnings statements were published, seemed to support National City's figure. Some of the increased profits:

STEEL 1938$ 1939$ % Increase

U. S. Steel* d7,7 17,454 41,226,039 -

Republic Steel* d7,997,825 10,671,343 -

National Steel* 6,661,652 12,581,636 88.9

Inland Steel* 4,916,203 10,947,251 122.7

CHEMICALS

Du Pont 50,190,827 93,218,664 85.7

Hercules Powder 3,089,017 5,324,992 72.4

ELEC. EQUIPMENT

Westinghouse 9,052,773 13,854,360 53.0

MACHINERY

Caterpillar 3,235,709 6,004,890 85.6

CONSUMER GOODS

R. J. Reynolds 23,734,305 25,645,455 8.1

Endicott-Johnson 857,191 1,611,368 88.0

Bigelow-Sanford Carpet d 1,491,033 2,180,344 -

Nor were manufacturing corporations the only ones to up their profits in 1939:

PUBLIC UTILITIES

A. T. & T. (Consolidated)

Commonwealth & Southern; 153,385,512 188,905,562 23.2 Southern 10,204,848 13,413,636 31.4

RAILROADS

Norfolk & Western 20,013,687 30,001,238 50.0 Southern Railway d497,722 6,487,366 --

DISTRIBUTORS

Butler Bros. 718,908 1,347,749 87.5

Safeway Stores 4,206,781 6,268,360 49.0

* U. S. Steel made 70% of its net profits in the last quarter, Republic 63%, National 42%, Inland 42%.

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