Earnings

Bright spots amid last week's deep financial gloom (see p. 63) were the earnings statements of seven big corporations:

P: With world nickel sales up 27% and orders from the United Kingdom at an all-time peak, International Nickel Co. of Canada reported 1934 profits of $18,487,000 against $9,663,000 the year before.

P: Brisk farm trade last spring boosted International Harvester Co.'s orders. Drought whittled them down. But Harvester finished the year in the black for the first time in three years with net profits of $3,949,000 against a loss of $1,886,000 in 1933.

P: Complaining that recently built cane sugar refineries in Hawaii, Cuba, Puerto Rico and the Philippines had cut down his volume of business, Chairman Earl D. Babst of American Sugar Refining Co. reported 1934 earnings of $4,877,000, slightly less than in 1933. Just after the close of its fiscal year American Sugar Refining had called in $1,515,000 in bonds due in 1937, completing in 13 years the redemption of $30,000,000 in bonds issued in 1922.

P: After building three new warehouses, enlarging distilleries and salting away 21,300,000 gallons of raw whiskey for maturing, National Distillers Products Corp. had enough money left to announce profits of $11,135,000 for the first full year of Repeal against $6,087,000 in 1933. Sales of whiskey and other products totalled $50,057,000.

P: Backbone of International Business Machines Corp. is the famed Hollerith electric tabulator, but I. B. M. also does a brisk business in meat grinders and sausage slicers. Last week I. B. M. reported that earnings last year were $6,597,000 against $5,736,000 in 1933.

P: "In 1934 General Foods sold the largest physical volume of food products in its history," said President Colby Mitchell Chester last week. Profits: $11,140,000 against $11,032,000 in 1933.

P: With sales up $62,000,000, Sears, Roebuck & Co. announced 1934 earnings of $15,020,000, highest since 1930. Directors promptly voted a special 75-c- common dividend, first since 1932.

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