The Profit Picture: Try Not To Look

Anybody who thinks war is good for the economy will have to think again after looking at corporate earnings for the first quarter. Instead of shopping at the mall, visiting an amusement park, or buying a new car, most Americans remained glued to their TV screens during the Persian Gulf conflict. The reluctance of consumers to spend freely in the midst of a recession at home and a war abroad helped push earnings for the 900 companies in BUSINESS WEEK's Corporate Scoreboard down 9% from the 1990 first quarter.

The news would have been worse if higher oil prices hadn't lifted earnings in the energy sector. Without fuel companies, first-quarter profits were down 15%. Indeed, 4 of the 15 biggest earners in the quarter were energy companies. On the other hand, if the automotive sector had been excluded, the profit picture would have been brighter: Earnings would have slipped just 1%.

WORSENING SLUMP. The 9% profit decline for all industries wasn't as bad as the 12% decrease in corporate earnings registered during the 1990 fourth quarter. But those numbers are a bit deceptive, because 1990 fourth-quarter earnings were depressed when many companies took write-offs to restructure their operations and clean up their balance sheets. On an operating basis, there's little evidence that the earnings slide abated in the beginning of this year. And the current quarter would look even worse if the Scoreboard included some huge onetime adjustments taken by a few big companies. IBM, for instance, earned $532 million, but an accounting charge for retiree benefits resulted in a $1.7 billion loss. Most such adjustments are excluded from the Scoreboard, which seeks to reflect operating results.

There were plenty of signs that the recession worsened during the first quarter. Sales grew a meager 3%--the lowest rate since the 1986 fourth quarter. That compares with a 10% gain for the fourth quarter of 1990. And the Commerce Dept. reported that gross national product declined 2.8% in the first quarter, compared with a 1.6% fall in the previous quarter.

Despite the contraction in economic activity during the first quarter, profit margins began to show some improvement. The average margin for the Scoreboard companies was 4.3% in the latest quarter. That wasn't as high as the 4.9% margin logged in 1990's first quarter. But it was significantly greater than the puny 3% recorded in the write-off-plagued fourth quarter of 1990.

Many economists expected Americans to celebrate the U. S. victory in the gulf with a shopping spree. But the rise in consumer confidence that followed the end of the war has yet to translate into big increases in spending. And to make matters worse, companies that have been depending on overseas profits to bolster their earnings are now faced with a stronger dollar and a slowdown in many foreign economies. Says Paul Getman, managing director of Regional Financial Associates Inc., an economic forecasting firm in West Chester, Pa.: "This year will be one that most executives would rather forget. By comparison, 1992 will look fantastic."

If not fantastic, things might at least look better by the second half, when some economists are anticipating a rebound in corporate profits. "Earnings and GNP are likely to decline in the second quarter, but we may see a surprising recovery in the third and fourth quarters," says Stephen S. Roach, senior economist at Morgan Stanley & Co. For 1991 as a whole, Thomas M. Doerflinger, an economist at PaineWebber Inc., is expecting reported earnings for the Standard & Poor's 500 composite to dip 1.6%. For 1992, Doerflinger estimates that S&P 500 reported earnings will advance 14.3%, thanks to strong consumer demand.

Americans may not have been out shopping in the first quarter, but they found it hard to ignore the soaring stock market. Financial services was one of the few bright spots. The group's 131% profit increase was second only to the performance of medical products, which turned in a 327% gain, thanks partly to an earnings turnaround at Baxter International. Among the financial-services companies with strong first-quarter performances were Merrill Lynch, up 338%; PaineWebber, ahead 193%; and Charles Schwab, up 185%.

Besides medical products and financial services, groups that did well in the first quarter were instruments, with a 56% gain; tobacco, with a 53% increase; coal, ahead 48%; oil and gas, up 47%; and food retailing, which posted a 36% gain.

Eagerly awaiting the return of buyers are the car and truck manufacturers, which collectively lost $1.9 billion--more than any other group--in the first quarter. Ford Motor lost the most of any company--$884.4 million. Reporting the second-largest loss, $683 million, was General Motors. Winning third place in this dismal race was Chrysler, with $341 million. Analysts expect that the Big Three, battered by weak prices and sluggish sales, will all report losses for the full year for the first time since 1980.

Faring almost as poorly as the auto companies were the airlines. The war nearly brought international air travel to a halt, while higher fuel prices drove up operating costs. As a group, airlines lost $689.9 million--more than any sector except cars and trucks. American Airlines was the hardest hit, with a $196 million loss in the quarter. It was joined on the list of companies that lost the most by USAir, $168.7 million; UAL, $157 million; and Delta Air Lines, $84.1 million.

AWASH. Despite the end of the war, business travelers have yet to make a full-scale return to the skies. But those carriers that can survive the recession and the industry shakeout should benefit from increased demand next year. Paul Nisbet, an analyst with Prudential Securities Group Inc., expects that even with a slow economic recovery, traffic for the major airlines will rebound by 9.7% in 1992 after declining 3.1% this year.Carmakers and airlines weren't the only ones awash in red ink in the first quarter. The steel group had an $88.4 million deficit, followed by transportation services, with a $69.9 million loss; auto parts and equipment makers, which gave up $65.5 million; and tire and rubber companies, with a $64.7 million loss.

Even industries that had been holding up fairly well--broadcasting and entertainment--reported lower earnings in the first quarter. Although the gulf war boosted TV viewership, that increase didn't flow to the bottom line for the networks. Weak ad revenues and the high costs of covering the war led to a 47% profit decline for the broadcast group. Capital Cities/ABC reported a 45% drop, while earnings fell 88% at CBS. Profits of the entertainment group fell 37%. At Walt Disney, lower theme-park attendance pushed earnings down 29%. "It turns out that Mickey Mouse is as vulnerable to the business cycle as anybody else," says Getman. Like President Bush's economic advisers, Mickey is hoping the recession will end by the second half of the year.

                        Percent change from
                         1990's first quarter
      MEDICAL PRODUCTS          327%
      FINANCIAL SERVICES        131
      INSTRUMENTS                56
      TOBACCO                    53
      COAL                       48
      OIL & GAS                  47
      FOOD RETAILING             36
      FOOD PROCESSING            22
      DRUGS & RESEARCH           18
      EATING PLACES              18
      COMPUTER SOFTWARE          14
      DRUG DISTRIBUTION          13
      BEVERAGES                  13
      FOOD DISTRIBUTION          11
                         Percent change from
                           1990's first quarter
      CARS & TRUCKS             LOSS
      AIRLINES                  LOSS
      STEEL                     LOSS
      TIRE & RUBBER             LOSS
      FOREST PRODUCTS           -92%
      APPLIANCES                -82
      REAL ESTATE               -81
      MACHINE & HAND TOOLS      -79
      SPECIAL MACHINERY         -79
      BUILDING MATERIALS        -69
      HOTEL & MOTEL             -51
      PAPER CONTAINERS          -48
      BROADCASTING              -47
                               of dollars
      EXXON                    $2,240
      GENERAL ELECTRIC            999
      PHILIP MORRIS               942
      AT&T                        712
      MOBIL                       710
      DU PONT                     590
      DOW CHEMICAL                578
      CHEVRON                     557
      IBM                         532
      BRISTOL-MYERS SQUIBB        493
      AMOCO                       492
      MERCK                       484
      WAL-MART STORES             482
      PROCTER & GAMBLE            424
      JOHNSON & JOHNSON           418
                               of dollars
      FORD MOTOR                 $884
      GENERAL MOTORS              683
      CHRYSLER                    341
      USX                         237
      AMR                         196
      USAIR GROUP                 169
      UAL                         157
      SHAWMUT NATIONAL            117
      SOUTHEAST BANKING           117
      FEDERAL EXPRESS             106
      UNISYS                       98
      BANK OF BOSTON               97
      GOODYEAR TIRE & RUBBER       90
      DELTA AIR LINES              84
      The number following each company name identifies the Scoreboard category under 
      which it is listed
      A&P 10c
      Abbott Laboratories 12d
      Adia Services 21e
      Advanced Micro 9d
      Advo-System 21d
      Aetna Life & Casualty 17bAffiliated Pubs. 20b
      Ahmanson (H. F.) 17c
      Air & Water Techs. 21c
      Air Express Intl. 23c
      Air Products & Chemicals 4Airborne Freight 23c
      Alaska Air Group 23a
      Albany International 15d
      Alberto-Culver 6d
      Albertson's 10c
      Alco Standard 5
      Alcoa 16a
      Alexander & Alex. 17a
      Alexander & Baldwin 23d
      Alexander's 8
      Alleghany 17a
      Allegheny Ludlum 16b
      Allegheny Power 24a
      Allergan 12b
      Allied Products 15c
      Allied-Signal 5
      Alltel 22b
      AM International 18b
      Amax 16a
      Amdahl 18b
      Amerada Hess 11b
      America West 23a
      American Brands 6e
      American Building 21e
      American Cyanamid 4
      American Electric 24a
      American Express 17a
      American Family 17b
      American Greetings 14d
      American Home 12b
      American Intl. Group 17b
      American Medical 12c
      American National 17b
      American President 23d
      American Stores 10c
      American TV 20a
      Ameritech 22b
      AmeriTrust 3b
      Ames Dept. Stores 8
      Ametek 9c
      Amgen 12b
      Amoco 11b
      AMP 9d
      AMR 23a
      Analog Devices 9d
      Anheuser-Busch 6c
      Apogee Enterprises 21a
      Apple Computer 18b
      Applied Magnetics 18b
      Applied Materials 15c
      Arco Chemical 4
      Argonaut Group 17b
      Armco 16b
      Armstrong World 6b
      Arrow Electronics 21b
      Arvin Industries 2b
      Asarco 16c
      Ashland Oil 11b
      Asset Investors 13b
      AST Research 18b
      AT&T 22a
      Atlantic Energy 24a
      Atlantic Richfield 11b
      Automatic Data 18c
      Avery Dennison 15a
      Avnet 21b
      Avon Products 6d
      Baker Hughes 11c
      Ball 7a
      Baltimore G&E 24a
      Banc One 3b
      Bancorp Hawaii 3d
      Bandag 2c
      Bank of Boston 3a
      Bank of New York 3a
      BankAmerica 3d
      Bankers Trust New York 3aBanta 21d
      Bard (C. R.) 12d
      Barnes Group 13a
      Barnett Banks 3c
      Baroid 11c
      Bausch & Lomb 12d
      Baxter International 12d
      BayBanks 3a
      Bear Stearns 17a
      Bearings 21b
      Beckman Instruments 9c
      Becton, Dickinson 12d
      Bell Atlantic 22b
      Bell & Howell 18a
      BellSouth 22b
      Bemis 7b
      Bergen Brunswig 12a
      Berkley (W. R.) 17b
      Best Buy 6b
      Bethlehem Steel 16b
      Betz Laboratories 4
      Beverly Enterprises 12c
      Big B 12a
      Bindley Western 12a
      Black & Decker 15b
      Block (H&R) 17a
      Blockbuster Ent. 14b
      Blount 15a
      Boatmen's Bancshares 3b
      Bob Evans Farms 14a
      Boeing 1
      Boise Cascade 19a
      Borden 10b
      Boston Edison 24a
      Bowater 19b
      Brendle's 8
      Briggs & Stratton 15c
      Bristol-Myers Squibb 12b
      Broad 17a
      Brooklyn Union Gas 24b
      Brown Group 6a
      Brown-Forman 6c
      Browning-Ferris 21c
      Brunswick 14d
      Burlington Coat Factory 8
      Burlington Northern 23b
      Burlington Resources 11b
      C&S/Sovran 3c
      Cabot 4
      Caesars World 14c
      CalFed 17c
      Campbell Soup 10b
      Capital Cities/ABC 20a
      Capital Holding 17b
      Carlisle 15a
      Carnival Cruise Lines 14d
      Carolina Freight 23d
      Carolina Power 24a
      Carpenter Tech. 16b
      Casey's General 10c
      Castle (A. M.) 21b
      Castle & Cooke 10b
      Caterpillar 15c
      CBS 20a
      CDI 21e
      Centel 22b
      Centerior Energy 24a
      Centex 13b
      Central & South West 24a
      Central Maine Power 24a
      Champion Intl. 19b
      Charming Shoppes 8
      Chase Manhattan 3a
      Chemical Banking 3a
      Chemical Waste 21c
      Chesapeake 19b
      Chevron 11b
      Chrysler 2a
      Chubb 17b
      Cigna 17b
      Cilcorp 24a
      Cincinnati Bell 22b
      Cincinnati G&E 24a
      Cincinnati Milacron 15b
      Cipsco 24a
      Circle K 10c
      Circuit City Stores 6b
      Circus Circus 14c
      Citadel Holding 17c
      Citicorp 3a
      Clark Equipment 15b
      Clorox 6d
      CML Group 8
      CMS Energy 24a
      Coast Savings 17c
      Coastal 11b
      Coca-Cola 6c
      Coca-Cola Enterprises 6c
      Colgate-Palmolive 6d
      Columbia Gas 24b
      Comdisco 18c
      Comerica 3b
      Commerce Clearing 20b
      Commercial Metals 16b
      Commodore Intl. 18b
      Commonwealth Ed. 24a
      Comm. Energy 24a
      Compaq Computer 18b
      Computer Sciences 18c
      Comsat 22a
      ConAgra 10b
      Conner Peripherals 18b
      Consolidated Edison 24a
      Cons. Freightways 23d
      Cons. Natural Gas 24b
      Consolidated Papers 19b
      Consolidated Rail 23b
      Consolidated Stores 8
      Constar International 7a
      Continental Bank 3b
      Control Data 18b
      Cooper Industries 9a
      Cooper Tire & Rubber 2c
      Coors (Adolph) 6c
      CoreStates Financial 3a
      Corning 15a
      Costco Wholesale 8
      CPC International 10b
      Crane 15a
      Crawford 17a
      Cray Research 18b
      Crestar Financial 3c
      Crown Central 11b
      Crown Cork & Seal 7a
      CRSS 21a
      Crystal Brands 6a
      CSX 23b
      CUC International 18a
      Cummins Engine 2b
      Curtice-Burns Foods 10b
      Cyclops Industries 16b
      Cyprus Minerals 16c
      Dairy Mart 10c
      Dana 2b
      Danaher 15b
      Dart Group 5
      Data General 18b
      Dayton Hudson 8
      Dean Foods 10b
      Deere 15c
      Dekalb Genetics 10b
      Delchamps 10c
      Dell Computer 18b
      Delmarva Power 24a
      Delta Air Lines 23a
      Delta Woodside 15d
      Deluxe 18a
      Detroit Edison 24a
      Dexter 4
      Diamond Shamrock 11b
      Digital Equipment 18b
      Dillard 8
      Disney (Walt) 14b
      Dollar General 8
      Dominion Bankshares 3c
      Dominion Resources 24a
      Donnelley (R. R.) 21d
      Dover 15c
      Dow Chemical 4
      Dow Jones 20b
      DPL 24a
      DQE 24a
      Dresser Industries 11c
      DSC Communs. 22a
      Du Pont 4
      Duke Power 24a
      Dun & Bradstreet 20b
      Durr-Fillauer Medical 12a
      DWG 15d
      E-Systems 9b
      Eagle Food Centers 10c
      Eagle-Picher Industries 2b
      Eastern Enterprises 24b
      Eastman Kodak 14d
      Eaton 2b
      Echlin 2b
      Ecolab 6d
      Edison Brothers 8
      Edwards (A. G.) 17a
      EG&G 21a
      Electronic Data 18c
      Engelhard 4
      Enron 24b
      Enserch 24b
      Entergy 24a
      Equifax 17a
      Equitable Resources 24b
      Ethyl 4
      Exxon 11b
      Fabri-Centers 8
      Family Dollar Stores 8
      Fay's 12a
      Federal Express 23c
      Federal Home Loan 17a
      Federal Natl. Mtg. 17a
      Federal Paper Board 7b
      Federal-Mogul 2b
      Ferro 4
      FHP International 12c
      Fieldcrest Cannon 15d
      Figgie International 5
      Fingerhut 8
      First Bank System 3b
      First Chicago 3b
      First City Bancorp. 3d
      First Fidelity 3a
      First Financial Mgmt. 17a
      First Interstate Bancorp 3d
      First Mississippi 4
      First of America Bank 3b
      First Union 3c
      First Wachovia 3c
      Fleet/Norstar 3a
      Fleetwood Ents. 14d
      Fleming 10a
      Florida Progress 24a
      Flowers Industries 10b
      Fluor 21a
      FMC 15c
      Food Lion 10c
      Foodarama 10c
      Ford Motor 2a
      Fort Howard 19b
      Foster Wheeler 21a
      Foundation Health 12c
      FPL Group 24a
      Freeport-McMoRan 4
      Freeport Copper 16c
      Fruit of the Loom 6a
      Fuller (H. B.) 4
      Fuqua Industries 5
      Gannett 20b
      Gap 8
      Gatx 23c
      Gaylord Container 7b
      GenCorp 1
      Genentech 12b
      General Cinema 5
      General Dynamics 1
      General Electric 5
      General Host 5
      General Mills 10b
      General Motors 2a
      General Public Uts. 24a
      General Re 17b
      General Signal 9c
      Genesco 8
      Genuine Parts 21b
      Georgia Gulf 4
      Georgia-Pacific 19a
      Getty Petroleum 21b
      Giant Food 10c
      Gillette 6d
      Glatfelter (P. H.) 19b
      Glenfed 17c
      Golden Nugget 14c
      Golden West 17c
      Goldome 17c
      Goodrich (B. F.) 4
      Goodyear Tire & Rubber 2cGoulds Pumps 15c
      Grace (W. R.) 4
      Grace Energy 11c
      Grainger (W. W.) 21b
      Great American Mgmt. 4
      Great A&P 10c
      Great Lakes Chemical 4
      Great Western 17c
      Greyhound Dial 5
      Grossman's 8
      Grumman 1
      GTE 22b
      Guilford Mills 15d
      Gulf States Utilities 24a
      Hall (Frank B.) 17a
      Halliburton 11c
      Handleman 21e
      Hanna (M. A.) 4
      Hannaford Brothers 10c
      Harley-Davidson 14d
      Harman International 14d
      Harnischfeger 15c
      Harris 9b
      Harsco 15a
      Hartford Steam 17b
      Hartmarx 6a
      Hasbro 14d
      Hawaiian Electric 24a
      Hechinger 8
      Heinz (H. J.) 10b
      Helene Curtis Industries 6dHenley Group 9c
      Hercules 4
      Hershey Foods 10b
      Hewlett-Packard 18b
      Highland Superstores 6b
      Hillenbrand 15a
      Hillhaven 12c
      Hills Department Stores 8
      Hilton Hotels 14c
      Holly 11b
      Home Depot 8
      Home Shopping 8
      HON Industries 18a
      Honeywell 9c
      Hormel (Geo. A.) 10b
      Hubbell 9a
      Hudson Foods 10b
      Huffy 14d
      Humana 12c
      Hunt (J. B.) 23d
      Huntington Bancshares 3b
      IBC Holdings 10b
      IBM 18b
      IBP 10b
      Illinois Central 23b
      Illinois Power 24a
      Illinois Tool Works 15a
      IMC Fertilizer 4
      Imecera Group 12d
      Imo Industries 9c
      Inacomp Computer 18a
      Independent Ins. 17b
      Indiana Energy 24b
      Ingersoll-Rand 15c
      Inland Steel 16b
      Inspiration Resources 16c
      Intel 9d
      Intelligent Electronics 18a
      Interco 6b
      Interface 15d
      Intergraph 18c
      Interlake 15c
      International Flavors 6d
      Intl. Multifoods 10b
      International Paper 19b
      Interpublic Group 21d
      Ipalco Enterprises 24a
      Itel 5
      ITT 5
      Jacobs Engineering 21a
      Jacobson Stores 8
      James River 19b
      Jamesway 8
      Johnson & Johnson 12d
      Johnson Controls 9c
      Jostens 15a
      JWP 21e
      K mart 8
      Kaman 1
      Kansas City Power 24a
      Kansas City Southern 23b
      Kaufman & Broad 13b
      Kellogg 10b
      Kellwood 6a
      Kelly Services 21e
      Kemper 17b
      Kennametal 15b
      Kerr-McGee 11b
      KeyCorp 3a
      Kimball International 6b
      Kimberly-Clark 19b
      Knight-Ridder 20b
      Kroger 10c
      L. A. Gear 6a
      La-Z-Boy Chair 6b
      Lafarge 13a
      Lands' End 8
      Leggett & Platt 6b
      Leslie Fay 6a
      LG&E Energy 24a
      Lifetime 12c
      Lilly (Eli) 12b
      Limited 8
      Lincoln National 17b
      Lionel 8
      Litton Industries 9b
      Liz Claiborne 6a
      Lockheed 1
      Loews 17a
      Lone Star Techs. 16b
      Longs Drug Stores 12a
      Longview Fibre 7b
      Lotus Development 18c
      Louisiana Land 11b
      Louisiana-Pacific 19a
      Lowe's 8
      LSI Logic 9d
      LTV 5
      Lubrizol 4
      Lukens 16b
      Lyondell 4
      Magma Copper 16c
      MagneTek 9a
      Manor Care 12c
      Manufacturers Hanover 3aManufacturers Natl. 3b
      Manville 13a
      Mapco 11b
      Marion Merrell Dow 12b
      Mark IV Industries 15a
      Marriott 14c
      Marsh & McLennan 17a
      Marshall Industries 21b
      Martin Marietta 1
      Masco 6b
      Masco Industries 2b
      Mattel 14d
      Maxus Energy 11b
      Maxxam 16a
      May Department Stores 8
      Maytag 6b
      McCormick 10b
      McDonald's 14a
      McDonnell Douglas 1
      McGraw-Hill 20b
      MCI Communications 22a
      McKesson 12a
      MCN 24b
      Mead 19b
      Media General 20b
      Medtronic 12d
      Mellon Bank 3a
      Melville 8
      Mercantile Stores 8
      Merck 12b
      Meredith 20b
      Meridian Bancorp 3a
      Merrill Lynch 17a
      Merry-Go-Round 8
      Metropolitan Fincl. 17c
      Meyer (Fred) 8
      Michaels Stores 8
      Michigan National 3b
      MicroAge 18a
      Microsoft 18c
      Midlantic 3a
      Midway Airlines 23a
      Midwest Resources 24a
      Miller (Herman) 18a
      Millipore 9c
      Minnesota Mining 15a
      Mitchell Energy 11b
      Mobil 11b
      Modine Mfg. 2b
      Molex 9d
      Monsanto 4
      Montana Power 24a
      Morgan (J. P.) 3a
      Morgan Stanley 17a
      Morrison 14a
      Morrison Knudsen 21a
      Morton International 4
      Motorola 9b
      Multimedia 20a
      Murphy Oil 11b
      Nacco Industries 11a
      Nalco Chemical 4
      Nash Finch 10a
      Nashua 7b
      National City 3b
      Natl. Convenience 10c
      National Fuel Gas 24b
      National Health 12c
      National Medical 12c
      National Semicond. 9d
      National Service 9a
      Navistar International 2a
      NBD Bancorp 3b
      NCH 6d
      NCNB 3c
      NCR 18b
      Neiman Marcus Group 8
      Nerco 11a
      New England Electric 24a
      New York State E&G 24a
      New York Times 20b
      Newell 15a
      Newmont Gold 16c
      Newmont Mining 16c
      Niagara Mohawk 24a
      Nicor 24b
      Nike 6a
      Nipsco Industries 24a
      NL Industries 4
      Nordstrom 8
      Norfolk Southern 23b
      Nortek 15a
      Northeast Utilities 24a
      Northern States 24a
      Northern Trust 3b
      Northrop 1
      Norwest 3b
      Novell 18c
      Nucor 16b
      Nynex 22b
      Occidental Pet. 11b
      Office Depot 21b
      Ogden 5
      Ohio Edison 24a
      Oklahoma G&E 24a
      Olin 4
      Olsten 21e
      Omnicom Group 21d
      Oracle Systems 18c
      Orange & Rockland 24a
      Oryx Energy 11b
      Outboard Marine 14d
      Owens & Minor 12d
      Owens-Corning 13a
      Oxford Industries 6a
      Paccar 2a
      Pacific Enterprises 24b
      Pacific G&E 24a
      Pacific Telecom 22a
      Pacific Telesis Group 22b
      PacifiCare Health 12c
      PacifiCorp 24a
      PaineWebber Group 17a
      Pall 5
      Pamida Holdings 8
      Panhandle Eastern 24b
      Paramount Comms. 14b
      Parker Hannifin 15a
      Penn Central 5
      Penn Traffic 10c
      Penney (J. C.) 8
      Pennsylvania Power 24a
      Pennzoil 11b
      Pentair 15c
      Peoples Energy 24b
      Pep Boys 8
      PepsiCo 6c
      Perkin-Elmer 9c
      Perry Drug Stores 12a
      Petrie Stores 8
      Petroleum Heat 24b
      Pfizer 12b
      Phelps Dodge 16c
      PHH 23c
      Philadelphia Electric 24a
      Philip Morris 6e
      Phillips Petroleum 11b
      Phillips-Van Heusen 6a
      PHM 13b
      Pic 'N' Save 8
      Piedmont Natural 24b
      Pier 1 Imports 6b
      Pilgrim's Pride 10b
      Pinkerton's 21e
      Pinnacle West 24a
      Pioneer Hi-Bred 10b
      Pitney Bowes 18a
      Pittston 11a
      PNC Financial 3a
      Polaroid 14d
      Pope & Talbot 19a
      Portland General 24a
      Potlatch 19b
      Potomac Electric 24a
      PPG Industries 13a
      Precision Castparts 16c
      Premark International 5
      Premier Industrial 21b
      Preston 23d
      Price 8
      Primerica 17a
      Procter & Gamble 6d
      Progressive 17b
      Promus 14c
      Provident Life 17b
      PSI Resources 24a
      PS Co. of Colorado 24a
      Public Service Ent. 24a
      Puget Sound Power 24a
      Quaker Oats 10b
      Quaker State 11b
      Quanex 16b
      Quantum 18b
      Quantum Chemical 4
      Questar 24b
      QVC Network 8
      Ralston Purina 10b
      Raychem 9a
      Raytheon 9b
      Reebok International 6a
      Republic New York 3a
      Rexene 4
      Reynolds & Reynolds 18a
      Reynolds Metals 16a
      Richfood Holdings 10a
      Rite Aid 12a
      RJR Nabisco 6e
      Roadway Services 23d
      Robertson Ceco 15a
      Rochester G&E 24a
      Rochester Telephone 22b
      Rockwell International 5
      Rohm & Haas 4
      Rohr Industries 1
      Rose's Stores 8
      Ross Stores 8
      Rubbermaid 15a
      Ruddick 10c
      Russell 6a
      Ryder System 23c
      Rykoff-Sexton 10a
      Ryland Group 13b
      Safeco 17b
      Safety-Kleen 21e
      Safeway 10c
      Salomon 17a
      San Diego G&E 24a
      Santa Fe Pacific 23b
      Sara Lee 10b
      Scana 24a
      SCEcorp 24a
      Schering-Plough 12b
      Schlumberger 11c
      Schulman (A.) 4
      Schwab (Charles) 17a
      Scott Paper 19b
      Scripps (E. W.) 20b
      Seagate Technology 18b
      Sears, Roebuck 8
      Seaway Food Town 10c
      Security Pacific 3d
      Service Corp. Intl. 21e
      Service Merchandise 8
      Shaw Industries 15d
      Shawmut National 3a
      Sherwin-Williams 13a
      Shoney's 14a
      Signet Banking 3c
      Silicon Graphics 18b
      Smith (A. O.) 2b
      Smith's Food & Drug 10c
      Smithfield Foods 10b
      Snap-on Tools 15b
      Society 3b
      Sonat 24b
      Sonoco Products 7b
      Southeast Banking 3c
      Southern 24a
      So. New Eng. Tel. 22b
      Southwest Airlines 23a
      Southwestern Bell 22b
      Southwestern PS 24a
      Spiegel 8
      Springs Industries 15d
      SPX 15b
      Square D 9a
      St. Paul 17b
      Standard Products 2b
      Standard Register 18a
      Stanhome 6d
      Stanley Works 15b
      State Street Boston 3a
      Sterling Chemicals 4
      Stewart & Stevenson 15c
      Stone Container 7b
      Stop & Shop 10c
      Storage Technology 18b
      Strawbridge & Clothier 8
      Stride Rite 6a
      Student Loan Mktg. 17a
      Sun 11b
      Sun Microsystems 18b
      Sundstrand 1
      SunTrust Banks 3c
      Super Food Services 10a
      Super Valu Stores 10a
      Supermarkets Genl. 10c
      Syntex 12b
      Sysco 10a
      Tambrands 6d
      Tandem Computers 18b
      Tandy 18b
      Tech Data 18a
      Teco Energy 24a
      Tecumseh Products 13a
      Tektronix 9c
      Teledyne 5
      Temple-Inland 7b
      Tenneco 5
      Texaco 11b
      Texas Industries 13a
      Texas Instruments 9d
      Texas Utilities 24a
      Textron 5
      Thiokol 1
      Thomas & Betts 9a
      3M 15a
      Tiffany 8
      Time Warner 20b
      Times Mirror 20b
      Timken 15c
      TJX 8
      Torchmark 17b
      Toro 6b
      Tosco 11b
      Toys `R' Us 8
      Trans World Music 14d
      Transamerica 17a
      Transatlantic 17b
      Transco Energy 24b
      Travelers 17b
      Tribune 20b
      Trinova 15a
      TRW 5
      TW Holdings 14a
      Tyson Foods 10b
      U. S. Healthcare 12c
      U. S. Shoe 8
      U. S. Surgical 12d
      UAL 23a
      UGI 24b
      UJB Financial 3a
      Union Camp 19b
      Union Carbide 4
      Union Electric 24a
      Union Pacific 23b
      Union Texas 11b
      Unisys 18b
      United Illuminating 24a
      United Stationers 21b
      United Technologies 1
      United Telecomms. 22a
      Unitrin 17b
      Univar 21b
      Universal 6e
      Universal Foods 10b
      Universal Health 12c
      Unocal 11b
      Unocal Exploration 11b
      UNUM 17b
      Upjohn 12b
      US West 22b
      USAir Group 23a
      USG 13a
      USLico 17b
      USLife 17b
      UST 6e
      USX 5
      UtiliCorp United 24a
      Valero Energy 11b
      Valhi 5
      Valley National 3d
      Valmont Industries 15a
      Valspar 13a
      Varian Associates 9b
      Venture Stores 8
      VF 6a
      Viacom 20a
      Vicorp Restaurants 14a
      Village Super Market 10c
      Vista Chemical 4
      Vons 10c
      Vulcan Materials 13a
      Waban 8
      Wackenhut 21e
      Wal-Mart Stores 8
      Walgreen 12a
      Wallace Computer 18a
      Wang Laboratories 18b
      Warner-Lambert 12b
      Washington Gas 24b
      Washington Post 20b
      Washington Water 24a
      Waste Management 21c
      Weirton Steel 16b
      Weis Markets 10c
      Wellman 4
      Wells Fargo 3d
      Wendy's Intl. 14a
      Western Digital 18b
      Western Publishing 20b
      Westinghouse Electric 9a
      Westmark Intl. 12d
      Westvaco 19b
      Weyerhaeuser 19a
      Wheelabrator Techs. 24a
      Wheeling-Pittsburgh 16b
      Whirlpool 6b
      Whitman 5
      Wickes 15d
      Wicor 24b
      Willamette Industries 19a
      Willcox & Gibbs 21b
      Williams 24b
      Winn-Dixie Stores 10c
      Wisconsin Energy 24a
      Witco 4
      Woolworth 8
      Worthington Inds. 16b
      WPL Holdings 24a
      Wrigley (Wm.) Jr. 10b
      Xerox 18b
      Yellow Freight 23d
      Zenith Electronics 6b
      Zenith National 17b
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