Earnings

Last week many a corporation turned in its earnings report for first six months of 1929. Earnings were generally higher than in the corresponding period of 1928, indicated continued prosperity. Notable among last week's reports were:

A.T.&T. President Walter Sherman Gifford's potent American Telephone & Telegraph Co. showed net earnings of $80,202,096 compared to $68,671,769 for first six months of 1928. On 13,028,807 outstanding shares, $6.15 was earned. The company has just built a short-wave directional radio telephone transmitting station at Lawrenceville, N. J., and in June opened its second short-wave telephone channel to Europe.

Western Union. Western Union Telegraph Co. reported, for the first five months of 1929, gross revenues of $59,229,000 as compared to $54,178,000 in the corresponding 1928 period.

Otis Elevator, whose stock has a 1929 high of 405, showed first-half net income of $3,761,555, compared to $3,600,120 in the corresponding 1928 period. Otis was last week in a merger rumor with Johns-Manville and American Radiator & Standard Corp., two companies with which the J. P. Morgan name is closely linked. The Otis banking connection is Lee, Higginson &Co.

Lambert. Lambert Co., holding com-pany (95.8%,) for Lambert Pharmacal Co. (Listerine, halitosis, money-saving tooth paste, "Often a Bridesmaid but Never a Bride") estimated first-half net profit at approximately four millions, equal to $5.70 a share. First half of last year: $2,111,534.

U. S. Steel Corp. Dow, Jones & Co. estimated that net profits of U. S. Steel for the quarter ended June 30 would amount to about 50 million dollars. Total earnings for first half of 1929 were estimated at between 128 million? and 130 millions with net profit between 92 and 94 millions. First half of last year: $87,866,000.

Madison Square Garden Corp. (prize fighting, bicycle races, hockey, marathon dances, circus) reported for a fiscal year ending May 31, 1929. The consolidated net income was $492,347, equal to $1.51 a share. During the previous year the Garden made $995,522 or $3.06 per share.