Word: quarterly
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Dates: during 1940-1949
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Corporations yelled out their third-quarter reports last week as excitedly as newsboys handing out extras-which was just what many of them were doing. More than 100 in such varied industries as oil, machinery, mining, steel, retail sales, chemicals, distilling-and even playing cards-declared extra dividends in cash or stock. Of some 200 companies reporting for the period ending Sept. 30, only six showed deficits, though some 60 others were down from the same period last year. For most, the combination of higher prices and high production made the quarter the most profitable in corporate history...
Comeback In Rails. The oil industry, as usual, led the prosperous parade. The major companies showed increases in net profits over the third quarter of 1947 ranging from 35% for Union Oil Co. of California (to $7,043,427) to 82% for Skelly Oil Co. (to $10.6 million...
Bogged-Down Trucks. For companies whose profits were down, the cause was generally 1) high-priced inventories at a time when prices were dropping or 2) a shift to a buyers' market, which cut sales. Colgate-Palmolive-Peet, for one, reported a third-quarter net of $3.1 million (v. $5.3 million last year) on lower sales. Standard Brands showed a profit of only $787,519, a drop of 49%. With sales slipping, five out of eleven makers of electric appliances reported declines ranging from 2% (for Noma Electric) to 43% (for Bendix Home Appliances). Truckmakers Diamond T and Autocar...
Gold-Plated Steel. In steel, every major company's profits were up, in many cases to new highs. Like Republic Steel a week earlier, Bethlehem reported the best quarterly net in its history; it was up 121% to $22.5 million. U.S. Steel, which made news chiefly by not declaring an extra dividend (which Wall Street had hoped for), trailed with a rise of 20% to $34.5 million. But Big Steel's net did not tell the whole story. Because its depreciation reserves "were not sufficient to cover the cost" of replacing property at current high prices, the company...
...Tigers opened up with two touchdowns in the first quarter, before the visitors dug in to hold them until halftime. Lack of reserve strength had its effect in the third quarter, allowing Princeton to ring up to more scores...