Earnings

With the seventh month of 1929 ending, U. S. corporation reports for the first six months last week came flocking in. The normal report showed an increase over the first six months of 1928. Steel was the banner industry, with almost every company reporting a peacetime record. Strong also were the utilities. Coal, leather, shoes, machinery and various other of the unspectacular necessities of life were weak. Among many corporations reporting their earnings, the following were of particular interest or importance:

Company

Comparison 1929 1928

Western Air Express (Western Air, in connection with New York Central, Santa Fe and Chicago & Alton railroads has announced a 46-hour coast-to-coast air-rail service. It carried 13,102,715 pieces of mail and 7,880 passengers during the first six months of 1929. Chief mail route is Los Angeles to Salt Lake City [664 miles]. Chief passenger route is Los Angeles to Kansas City. Passengers ride in 12-passenger Fokkers. Net income, first quarter $ 320,000 Net income, entire year $ 720,778

U. S. Leather Co. (Makes one-third of all the sole, belting and harness leather used in the U. S. In June, William Gibbs McAdoo Jr. resigned as first vice president, remained a director. Last year Hiram S. Brown resigned from the presidency to become head of Radio-Keith-Orpheum. Low hide and leather prices resulted in a first quarter deficit of $843,674. Second quarter even less profitable.) First half, net loss 1,969,439 First half, net profit 2,998,440

Walgreen Co. (Owns 275 stores, controls 21 additional. Has own laboratories, and ice cream plant in Chicago. Assets $15,000,000. 1928 sales 31,389,000--eight and one half times the 1923 sales.) Net income, first half 1,505,591 1,044,974

Jones & Laughlin Steel Corp. (Famed Pittsburgh family steel company, closel)' held by the Jones and Laughlin families. Founded in 1852. G. M. Laughlin Jr. is Board Chairman and W. L. Jones Jr. and B. F. Jones III are Executive Committee members. Capacity of 2,400,000 gross tons pig iron and 3,000,000 gross tons ingots. Earned $16 a share for the half.) Net income, first half 11,305,687 7,144,548

Kroger Grocery and Baking Co. (Second largest grocery chain [first is Atlantic & Pacific] in U. S. In June it had 5,368 stores, 88 more added last month. One of its controlled chains is Piggly Wiggly Corp. Sales went from $161,261,353 in 1927 to $207,372,500 in 1928. Dow, Jones estimates 1929 sales at $260,000,000.) Net profit, first half $4,015,775 $2,538,112

Zonite Products Corp. (Zonite, chlorine antiseptic, derived from the Carrel-Daiken solution used during the War. Its advertisements stress "feminine hygiene." Company has 51 % interest in Larvex, moth destroyer, is said to be planning a toothpaste.) Net income, first half 158,696 Net income, 18 mo. ended December 275,622

Reo Motor Car Co. (Reo [onetime R. E. Olds Co.] is having no banner year, has been one of the most stable of the smaller car builders. Makes Flying Clouds, Wolverines, Speed Wagons;has lately introduced a Car of the, Month stunt--a special model distributed on a basis of one to each dealer. Reo sold 47,170 units in 1928.) Net profit, first half 1,686,358 3,018,044

Bethlehem Steel Corp. (Second only to U. S. Steel Corp. Produces one-fifth of Steel Corp. output, twice the volume of its nearest competitor. Ran to 100.6% of rated capacity second quarter. Earnings statement was accompanied by a common dividend increase from $4 to $6.) Net income, first half 20,812,063 7,914,046

Goodyear Tire & Rubber Co. (World's largest in rubber. Daily output of 95,000 tires and tubes, 400,000 pairs of rubber heels. Reorganization of 1921 followed by much litigation, further reorganization in 1927, present management potent and prosperous.) Net profit, first half 12,633,865 3,074,200

Chrysler Corp. (Four years old in June; third largest in autos. In June, E. F. Hutton and Waddill Catchings joined the directorate. Plymouth and De Soto cars account for 40% of corporation's sales. First half sales approximately $228,000,000.) Net income, first half 18,095,239 11,690,746

General Electric Co. (World's largest in electrical equipment, does between 20% and 25% of U. S. electrical equipment business, from electric lights to electric locomotives. First half sales were $194,353,307.) Net income, first half 30,740,768 25,675,307

Westinghouse Electric & Manufacturing Co. (Second only to General Electric. In June F. A. Merrick succeeded E. M. Herr as president. Sales have averaged about $165,000,000 yearly for six years.) Net profit, first half 13,131,881 7,792,952