General Electric Co. the world's electronic equipment, announced a 14 per cent rise in net earnings for the second quarter to $271.9 million ($1.20 per share) from $236.6 million ($105) a year before. cent rise from $3.9 billion in the 1976 second quarter.

International Paper Co., the world's largest paper company, yesterday reported that second quarter net income trailed results posted a year earlier.

The company said its latest earnings were $591 million ($1.26 a share) compared with $83.5 million ($1.83) a year earlier.

The firm attributed the drop - which occured despite a rise in sales from $906 million to $946 million - to losses incurred in non-operating areas, principally currency translaion.

Six-month net income also fell, to $107.7 million ($2.30) from $147.1 million ($3.31) a year ago. Sales increased from $1.77 billion to $1.8 billion.

Allied Chemical Co. yesterday announced a 67 per cent rise in earnings in the second quarter to $62.2 million ($2.22 a share) from $37.2 million ($1.33) a year earlier.

The firm noted, however, tha tmuch of the advance was due to one-time gains totaling 67 cents a share from the sale of operations.

Allied said sales rose to $785.5 million from $705 million a year ago.

Clin Corp, a chemical and manufacturing firm, had an 11 per cent gain in profits to te second quarteer to $27.7 million ($2.31 a share) from $25.02 million ($2.10) a year ago on a 3 per cent rise in sales to $387.11 million from $376 million.

First-half profits were $49.69 million ($4.13) on sales of $769.4 million. The first half sales gain was 6.3 per cent over $723.54 million a year ago when earnings were $45.51 million ($3.92).

Owens Illinois, Inc. and Libbey Owens-Ford Co., two glass and plastic products manufacturers based in Toledo, Ohio, yesterday reported modest sales growth for the second quarter, but somewhat disappointing earnings results.

Owens-Illinois said net earnings for the second quarter were $32.7 million, against $31.8 million a year. The 1970 figure was adjusted to exclude an extraordinary gain of $273,000. Sales were $687.8 million, up from $637.5 million in the 1976 quarter.

Per-share earnings were $1.12 in the second quarter compared with $1.01 a share in 1976. But the company said about 9 cents of the increase reflected a reduction in the number of shares outstanding due to a stock trade.

LIbby-Owens FOrd said sales increased 11 per cent to $252.74 million in the second quarter from $277.17 million a year earlier. But net earnings declined to $17.27 million ($1.45 a share) from $17.45 million ($1.45 a share) in the 1976 second quarter.

CBS, Inc., a diversified broadcasting recording and publishing conglomorate, said its second-quarter profits were 16.7 per cent ahead of those of a year ago.

CBS said it earned $54.9 million ($1.95 a share) compared with $47.5 million ($1.67) in the second quarter of 1976. Sales rose $529.4 million to $653.7 million.

For the first half net income rose from $75.3 million ($2.44 to $67.9 million ($3.11). Sales gained from $1.05 billion to $1.3 billion.

Allis-Chalmers, a machinery manufacturer, earned $2.10 a share in the second quarter, up from $1.69 a year ago on a rise in sales to $409.3 million from $401.1 million.

First-half profit rose to $42.6 million ($3.51) on sales of $789.1 million from %75.5 million ($2.09) a year ago on sales of $786.32 million.

Chairman David C. Scot said the first half normally is the best for Allis Chalmers. He said the improved results were achieved in spite of the adverse impact of strikes at several of the company's plants.