Bad earnings reports did not shock the U. S. stockholder last week. With business at such a low ebb there were indeed cases where small earnings instead of deficits made good news. Reports issued up to last week for the most part showed losses from last year. The public utilities came the closest to maintaining their 1930 earning power, while the rails continued to show an alarming drop in gross and net, in many cases falling short of covering fixed charges. Most industrials showed big declines but companies which have made good showings this...
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