First Quarter (Cont'd)

"The present outlook is very poor." With this gloomy statement. President Walter P. Paepcke of Container Corp. last week announced his company's omission of the usual quarterly dividend. Container's first quarter net had plopped from a 1937 profit of $626,970 to a 1938 loss of $53,198. With a few exceptions the same sort of thing was being experienced last week by almost every other U. S. industry. Samples:

First Quarter

Durable Goods 1937 1938

U. S. Steel $28,561,533 d$1,292,151

Bethlehem Steel 8,293,833 994,908

Jones & Laughlin Steel.... 1,982,394 d 1,269,725

Westinghouse Electric & Mfg. 5,341,512 2,031,230

Chemicals

Union Carbide & Carbon... 9,974,712 4,209,333

Atlas Powder 361,081 216,506

Liquor

National Distillers Products. 1,425,008 1,445,223

Schenley Distillers 1,570,928 364,712

Building

Certainteed Products 7,016 d 189,588

Automobiles

General Motors 44,814,166 8,234,017

Food

Standard Brands 2,885,492 2,353,002

Petroleum

Phillips 5,615,637 2,314,642

Getty Oil 1,534,413 664,771

Cinema

Paramount 2,651,000 830,866

d=deficit

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