Business: Good Earnings

Even for those who foresee another healthy year for business in 1957, a small worry has been that rising labor and materials costs will knock profits below 1956. Last week, as earnings reports began to come out for the first 1957 quarter, there was less cause for worry. Among companies reporting profit rises in the first quarter or corresponding fiscal period (ending Feb. 28):

¶ Fedders-Quigan Corp. (air conditioners) : $1,185,798 (64¢ a share) v. $906,090 (52¢ a share).

¶ Parke, Davis & Co.: $5,246,080 ($1.07 a share) v. $4,196,864 (86¢ a share). ¶ Avco Manufacturing Corp.: $3,119,876 (34¢ a share) v. $665,300 (7¢ a share). ¶ M. A. Hanna Co.: $3,118,107 ($1.01 a share) v. $2,743,362 (89¢ a share). ¶ Ten New York banks reported first quarter earnings above 1956.