Less from More

The biggest manufacturing corporation in the U.S. last week reported the biggest first-quarter sales in its history. General Motors' sales of $1,959,879,617 for the first quarter of 1951 were about 13% higher than the first three months of last year. But taxes had climbed so much faster that net income dropped by about 33% --to $141 million. (General Motors stock dropped 2S: in two days, helped drive down the entire market.)

Other companies had better news for stockholders last week: P: Packard Motor Car Co. cashed in on its sleek 1951 models, earned $2,499,973 in the first quarter, compared to a $259,-586 loss last year.

P: United Air Lines had its best first-quarter profit in its 25-year history. First-quarter earnings were $1,371,834, compared to a $1,993,681 loss last year. P: Philco Corp.'s sales were a record $113,-524,000, but profits inched up only some 6% to $4,354,000 in the first quarter.

Reason: a 184% increase in federal income tax payments.

< Western Union Telegraph Co. reported a $2,230,557 profit in the first quarter, compared to $236,766 last year.

This file is automatically generated by a robot program, so reader's discretion is required.