Onward

The first of the New Year's financial reports trickled in last week, and the statements added still more color to the economy's bloom. Across the U.S., big bankers found record earnings. With plentiful credit and steady repayments. Manhattan's First National City Bank reported net earnings of $42 million for 1955, 26% better than 1954; Manufacturers Trust (earnings: $16 million), Chemical Corn Exchange ($17 million), Guaranty Trust ($24 million) were all up from 10% to 29%. But California's huge Bank of America, the world's biggest private bank, had the biggest profit of all. It went into 1956 with resources of $9.7 billion, earnings of $66 million, both at all-time peaks. Another record-breaker: Armour & Co., after a slump in 1954, pushed to a $10.1 million profit in 1955 for a 549% gain.

For the future, businessmen were still expansion-minded. Despite an expected downturn in home construction, the Associated General Contractors of America forecast a new $60 billion record in construction of all kinds for 1956. With increasing steel shortages, two more companies--Sharon Steel and National Steel --announced upwards of $200 million in expansion plans to add another 1,320,000 tons of capacity. In aviation, National Airlines, which has already ordered six pure-jet Douglas DC-8s, took another step into the new air age with a $46 million order for 20 new 415-m.p.h. Lockheed Electra turboprop transports.

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