Earnings

Sugar was cheap all last year and housewives tried to save money by putting up their own preserves. Hence food canners bought fewer cans. Likewise there was a smaller demand for industrial containers such as varnish cans. So it was no surprise when last week American Can Co. announced 1931 earnings of $15,529,000 against $22,883,000 in 1930.

For the first time since 1921 American Chicle Co. did not make more money than in the preceding year. But sales of Adams, Dentyne and Beeman's gum and of Sen Sen Breathlets and Chiclets enabled it to make $2,089,000 against $2,210,000.

American Snuff (chief brands: Honest, Dental, Garrett) maintained its reputation of stability, made $1,916,000 against $1,893,000. Its big competitor, LL S. Tobacco (Copenhagen snuff, also chewing, smoking, plug tobacco and cigarets) made $3,020,000 against $2,950,000. George W. Helme Co-- (Navy Sweet, Square Strong snuff) made $2.147,000 against $2,331,000. P. (Pierre) Lorillard Co (Old Gold), which recently paid its first dividend since 1926, made $4.846,000 against $3,614,000. A big Lorillard stockholder is Selected Industries with 102,580 shares.

Childs, despite its All-the-helpings-you-want $1 dinners, made $241,000 against $933.000, passed its preferred dividend.

Finance companies had a relatively good year. Commercial Credit's figures were $3,577,000 against $4,078.000 while Commercial Investment Trust made $7,554,000 against $8,318,000.

Congoleum-Nairn had a banner year, making $1,239.000 against $208,000. Although this amounted to only 90-c- a share, the company's strong financial position enabled it to go on a $1 dividend basis last summer after six dividendless years.

Last year B. F-- Goodrich and Good-year Tire 6 Rubber took their inventory losses out of earnings, whereas in 1930 they were taken out of surplus. On a comparable basis last year B. F. Goodrich lost $8,815,000 against $10,309.000 lost in 1930. But Goodyear made $1,328,000 against $4,912,000.

National Steel made $4.443,000 against $8,415,000. Its earnings of $2.06 against a $2 dividend made it the only large steel company to cover its dividend during the year.

Several public utility systems made more money in 1931 than 1930, including Detroit Edison, Pacific Lighting and United Gas Improvement.

But rare is the manufacturer who did so. Some who did were:

000's Omitted d -- deficit

1931 1930 Auburn Automobile 3,579 1,018 Brown Shoe 1,356 1,334 Copeland Products 314 107 Devoe & Raynolds 334 132 Durham Hosiery Mills 74 12 d Firestone Tire 4,219 1,541 Glidden Co 172 18d Kelvinator 1,761 1,601 Manhattan Shirt 102 296 d National Distillers 372 307 Owens-Illinois Glass 2,744 2,738 Phillips-Jones 1 70 d 249 d R. J. Reynolds 36,396 34,256 Scott Paper 997 986 Standard Fruit 741 10 Union Bag and Paper 112 155d U. S. Radio & Television 801 365 Western Pipe & Steel 767 527 Zonite Products 953 750

Other important earnings included:

1931 1930 Air Reduction 3,815 5,250 Best & Co 926 1,265 Calumet & Hecla 2,573 d 6d Caterpillar Tractor 1,361 8,714 Consolidated Laundries 689 771 Continental Baking 4,243 6,114 Cream of Wheat 1,504 1,868 Glen Alden Coal 7,391 12,245 Industrial Rayon 683 1,547 La Salle Extension University 75 167 Lima Locomotive 1.414 d 1,382 McGraw-Hill 869 2,021 New Jersey Zinc Co 3,051 5,013 Parke, Davis & Co 6,292 7,514 Standard Brands 14,542 16,402

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