EARNINGS: New Champion

As the giants of U.S. industry rolled out their 1957 earnings reports last week, there were some surprises. American Telephone & Telegraph Co. bopped General Motors Corp. as the nation's No. i earner —$852.9 million to $843.6 million—the first time in eleven years that G.M. has been dethroned. And some of the biggest companies showed earnings gains for the fourth quarter, despite the recession. > General Motors' yearly profits dipped to $2.99 a share v. $3.02 in 1956, but fourth-quarter earnings rose to 78¢ v. 74¢ for 1956.

> General Electric's 1957 net jumped 16% to $2.84 a share,...

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