Business: Far into the Black

The Big Two of U.S. industry—autos and steel—last week reported the second quarter's most dramatic earnings.

In autos, bounding back from the red ink of 1958, Ford Motor Co. led the march far into the black. Chairman Ernest Breech reported that Ford's second-quarter earnings of $2.76 a share (Ford lost money in the same quarter last year) were the highest for any quarter in the company's history, lifted Ford's half-year earnings 1,676% over last year, to a record $5.22 a share. Though Ford's second-quarter sales were only $3.7 million higher than the first quarter, its profits rose $16.3 million, demonstrating what automen...