December 31, 1955: General Motors is first American corporation to attain $1 billion dollars in profit

By a Staff Correspondent of The Christian Science Monitor

From the January 4, 1956 issue of The Christian Science Monitor

Economic Growth is Top 1955 Story

Reports from all over the world indicate that the biggest business-news story of 1955 was worldwide economic progress.  There are soft spots, to be sure, everywhere in national economies.  But the year 1955 saw a general trend upward in mankind’s efforts to overcome limitation.

Biggest business news stories of 1955 - especially significant in the United States - highlighted the year were as follows:

1. The economic gain everywhere.

2. The growing economic independence of the economies of Great Britain and Europe.

3. United States efforts to control inflation through extensive use of monetary policies, credit restrain, expressed in higher stock - margin rates, higher rediscount rates, higher interest rates.

HUGE STEEL OUTPUT

4. The immense production of steel and automobiles in the United States, with major steel and motor companies announcing plans for expanding facilities.

5. The Ford Foundation’s decision to place stock of the Ford Motor Company on public sale.

6. The stock market - a record breaker in highs - but knocked about by general news developments such as the Senate’s examination of Wall Street’s practices and speculation about President Eisenhower’s availability for another term in the White House.

7. Stock splits by 100 companies.

8. The first billion-dollar profits corporation: General Motors.

9. The airlines’ race to jetline themselves.

GUARANTEED ANNUAL WAGE

10. Debate over guaranteed annual wage with modified wage agreements put into effect at General Motors and Ford.  Passage of a $1 minimum wage law.

11. The United States continues its reciprocal trade agreements program, although the debate over tariffs remained intense.

12. Vigorous proxy battles for control of several companies, but especially Montgomery Ward.

13. Growing number of bank mergers and mergers in other types of businesses.

14. Continued battle over federal tax policies.

15. Growing awareness and concern about United States agriculture surpluses, agricultural policies, and lessening farm income.