Cheerful were most first quarter earning reports sent last week to stockholders. For 188 large industrials, profits were up 110% over the first quarter of 1938, for General Motors and Chrysler profits were up about 600%. But businessmen, like baseball fans, no longer care who won the last World Series. They are already figuring on second quarter earnings.
A tip-off to their anticipations is the fact that at the end of the quarter which showed this 110% increase in earnings, stock prices were unsteady and only 33% up from the same date a year...
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