Changes In Top 100 U.S. Firms

Press, Volume CII, Issue 30152, 8 June 1963, Page 16

Changes In Top 100 U.S. Firms

The changing membership of the top 100 United States companies over the last five years reflects the competitive nature of the free enterprise system, states the First National City Bank of New York.

Since the last survey by die bank of the “top 100,” in 1958. there have been nine changes. Added to the list have been a department store chain, an aerospace firm, two food processors and five manufacturers of cars, rubber, glass, non-ferrous metals and adhesives and abrasives respectively. They have displaced two railroads, two food processors and five other companies manufacturing heavy industrial equipment, non-ferrous m.etals, glass, steel and petroleum. In 1958 a company required total revenue of at least 536 million dollars to qualify for a place, but by 1962 the qualification had risen to 657 million dollars. The 100 largest United States companies showed a total revenue of 178.200 million dollars in 1962, of which 76 manufacturers produced a total of 137,400 million dollars. Completing the list were 18 wholesale and retail traders with a total of 27,700 million dollars, three public utilities (10,600 million dollars) and three railroads (2500 million dollars). The revenue of 58

of these companies exceeded 1000 million dollars each during 1962, but although total incomes were rising rapidly, expenses were not lagging far behind. Total expenses amounted to 96,697 million dollars, equal to 54.3 per cent, of total income, while wages and salaries accounted for 24.9 per cent, at 44,425, million dollars. Total net profit, after providing for taxes and depreciation was only 11,346 million dollars, or 6.4 per cent, of the total income, and the average dividend paid was equal to 3.6 per cent, of the total. The "top 100” companies employ roughly' one-ninth of the total United States labour force, and have invested on the average 26,000 dollars of capital for, each employee. Their registers of shareholders comprise 13.2 million names, a rise of three million since 1958. Thirty-eight of the companies have more than 100.000 shareholders, with American Telephone and Telegraph heading the list at 2.2 million. i Sixty-seven of them have paid dividends for at least 25 successive years, while 11 have paid cash dividends every year since before the turn of the century. At the head of the list is General Motors, with total income of 14,852 million dollars, followed by Standard Oil (New Jersey) with 9876 million dollars and A. T. and T. with 9148 million dollars.