EARNINGS: Good, Bad & Indifferent

Hundreds of company-earnings reports last week revealed that U.S. business is running a race between soaring profits and soaring taxes.

Most companies allowed for a 30% normal Federal income tax (it was 20.9% last year), then whacked off large additional amounts for an excess-profits tax not yet passed. The National City Bank figures that taxes on 135 big concerns in the first six months of 1941 rose 250% above the first half of 1940, while profits after taxes were up only 30%. National City's compilation showed that second-quarter profits for 200 leading industrials (see chart, which is seasonally adjusted) were about...

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