Word: nets
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Dates: during 1950-1959
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Knocks on the Door. The most impressive figures came from Bethlehem Steel. Indestructible Eugene G. Grace reported sales of more than $2 billion, net income of $180 million v. $132 million in 1954; fourth-quarter profits alone totaled $57.5 million, an alltime record. With order books jammed for months ahead, Steelman Grace saw no decline in sight in spending, rather, continued demand. To meet it, Bethlehem Steel is spending $300 million to add 3,000,000 tons a year to capacity. Said Grace: "What little the auto industry has cut back, other [steel] users are knocking on our door...
...along their tracks; Central profits of $52 million were 400% higher than 1954. For the giant Pennsylvania Railroad, increasing dieselization, new maintenance shops, heavier coal and steel shipments added up to the best year in a decade. President James M. Symes announced overall revenue of $935 million for 1955, net earnings of $41 million, more than double the 1954 figure. In December, the road totaled profits of $790,000 v. a $1,009,000 net loss in the same month of 1954. Said Symes of 1956: business will be at least as good as 1955 "and maybe a little better...
...written off passenger operations as a perpetual profit-loser, but his freight business grows as new companies move in. Every day at least one new company chooses a site on S.P.'s right of way; 15,000 new freight cars are on order. Southern Pacific's 1954 net of $48.7 million made it the third most profitable U.S. railroad (after Union Pacific and Santa Fe), and 1955 profits reached $56 million. To continue to earn such good profits, Russell believes that railroads must change with the times. Instead of carping about airlines, he wants to operate them. Says...
Padded Profits? McGinnis claimed that his economies resulted in a $9,275,000 profit for eleven months of 1955, almost double the 1954 net. But Frederic ("Buck") Dumaine Jr., whom McGinnis ousted as president in 1954, charged that McGinnis had used cash reserves and in come from subsidiaries, e.g., The Connecticut Co., to pad railroad earnings. Said Dumaine: "They must have lost $7,000,000 running the railroad 20 months...
Grace can well afford the expansion. Both South American and U.S. subsidiaries are chalking up record earnings; the Grace National Bank of New York, for example, finished 1955 with net earnings of $986,083, up 27% from 1954. Estimated earnings of W. R. Grace as a whole in 1955: more than $17 million, roughly a 16% increase over the previous year...