In many cases 1931 profits were even smaller than expected because business was worse than ever in the last months of the year. As a warning of what to expect, the directorates of both United States Steel Corp. and Pennsylvania Railroad Co. last week declared that common dividends can be continued only if a marked improvement occurs.
Exciting to all finance and industry was the General Motors Corp. statement. In 1930 the company made $153,000,000. Last.year it made no less than $96,000,000 even after deducting a "nonrecurring" loss of $19,000,000 in foreign exchange and...
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