Indianapolis Times, Indianapolis, Marion County, 3 August 1951 — Page 9

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Reports Show Most Business To Be Spotty

Oils, Chemicals Seem to Be Best

By PHIL 8S, HANNA Times Special Writer CHICAGO, Aug. 3 -— Many people want to know how business is going to be in the near future, : The off-hand answer is that it is going to be very spotty. Some firms will do ‘a lot of business and not make very much money—as witness the General Motors report for the second quarter. The big firm did nearly $2 billion worth of business—-the game as it did a year ago—but netted about half the profits it

earned in the second quarter of 1950. ?

* Oils in Van

On the other ‘hand the oils and chemicals seem to be in the van. For six months ended June 30 Continental Oil did $22 million of business and earned $2.27 a share; in the same period of 1950 it did $17 million dollars worth of business and earned $1.77 al ghare. Standard of Jersey had a whopping six months this year; ditto nearly every major oil company. More cars, more use of gasoline and oil per car, more homes heated by oil, more homes heated by gas, more diesel motors in op-eration-—and greater production of chemicals tells that story pretty well. / Some people think the cessation of oil production in Iran has pushed oil stocks upward.

Slim Basis

They "think a resumption of oil production in the Iran fields, whose big Abadan refinery.is now closed, will change the outlook here. But that is a pretty slim basis to go on. The world is crying for more oil. > In the steel category, however, the impact of higher- taxes and SOM HT SOIT business AsEhowing: j up. U.S. Steel reported profits of $58 million for the June quarter compared with nearly 870 million dollars in the same quarter a vear ago—vet doing capacity business

In both quarters. Three other major steel companies reported likewise. ;

Spottiness Apparent

Earnings comparisons by industry groups will come out in the near- future but by glancing over the reports which have come in to date, the spottiness of all business is apparent. The utilities generally have gained slightly in both gross business and earnings in the latest BiX month period over a year ago but the stores and food companies have gone the other way. General Mills, Inc. reported profits of $11.5 million in the year ended May 31 compared ‘with $13.2 millions in the preceding year. Heavy industry as exemplified by Allis Chalmers showed slight gains in the June 30 quarter. The railroads are beginning to show the effects of higher costs and taxes. :

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