Evening star., 1950-05-04
Corporate Earnings
Ahead Of Year Ago,
Bank Survey Shows
By Edword G. Stone

By Edword c. Stone
In a summary of first-quarter
reports of 525 corporations the
National City Bank of New York
today reported combined net in
come as per cent ahead of the
like 1949 priod but per cent
below the final three months last
year.
In its monthly bank letter issued
today, the bank reports the cor
porations show combined net after
taxes of about 1898 million COM
pared with 1888 million a year
ago and S1,O45 900 in the fourth
1949 quarter.
1t notes that these companies,
represe ting manufacturing
trade, mining and service indus
tries, do not include some of the
largest corporations, among them
General Motors Corp. and Chrys-
Ter Corp.
The bank said reports by ma
jority of the larger manufacturing
companies showed total sales fig
ures for the first quarter about
the same as a year ago and 8 per
cent above preceding quarter. In
cases Of decreases, strikes were
an important factor.
Norfolk Tops Trade Gains.
The Federal Reserve Board re-
ports that Norfolk had the largest
department store sales gain among
the Nations leading cities in the
first quarter. 19 per cent. The
gain was largely due to the open
ing of new store.
Sales in Atlanta were up IL per
cent over last year; in Chatta-
nooga, II; Boston, 3; Lancaster,
Pa. 4; Savannah, 6; and Charles
ton, S. c., 9. In a great majority
of the cities. trade was under last
year.
Sales in the Boston Reserve dis
trict were up per cent, un-
changed in the Philadelphia area,
down per cent in New York,
down 3 per cent in Cleveland, but
up 3 per cent in the Atlanta dis
trict and per cent in the Rich
mond district. Only Dallas showed
a gain in the other Reserve dis
tricts.
Insurance Earnings Drop.
For the three months ending
March 81, Government Employees
Insurance Co. reported net earn
ings of $262.342 compared with
1886, ,696 year ago. equal to $1.75
per share on the outstanding stock
against $191 in the first quarter
OF 1949.
Earned premiums for the quar-
ter were $1,697 ,428 compared with
81 l,446,767 in the first three
months Of 1949. Policies written
increased from 81, ,581. .672 a year
ago to 81 ,948.851 in the 1850 quar-
ter. President Leo Goodwin stated.
Capenart Guest Speaker.
Senator Homer E. Capehart will
be one of the guest speakers at
the midyear business meeting of
the National Association of Mu-
tual Insurance Agents, which
opens at Virginia Beach on May
is. Secretary P. L. Baldwin an
nounced here today. More than
300 delegates have already made
reservations at the Cavalier Hotel.
Details concerning the new "all
risk" dwelling insurance policy
will be presented. agents qualif1-
cation laws will be discussed,
along with the newly adopted
change in bylaws relating to the
nomination of national officers.
Budd Heads Road Group.
B. C. Budd, general manager of
the Packard Motor Car Co. export
division, New York, was reelected
chairman of the board, Interna-
tional Road Federation, at the an
nual meeting here. Mr.. Budd
represents the Automobile Manu-
facturerS Association.
Paul R. Mattix was reelected
treasurer. and c. M. Wright OF
New York, was elected secretary.
Robert o. Swain is executive di-
rector.
Mr.. Swain said that so far this
year new affiliated good roads as
sociations have been established
in Ecuador, Cuba, Venezuela and
Ceylon.
Dulcan on Silk Committee.
Charles B. Dulcan, vice presi-
dent and general manager of the
Hecht Co., has been made men,
Der of the National Advisory Com
mittee for the Second Interna-
tional Silk Congress in New York
next October. Postwar develop
ments in silk will be featured in
fashions and home decorations.
Early trading in Virginia Elec-
trio & Power common on the
Washington Stock Exchange to-
day totaled 900 shares, at 81 and
207s. Hecht common. Capital
Transit, Gas common and Poto-
mac Power common were in un-
usually good demand.