EARNINGS: Condition: Good & Bad

Like a boy with a bad report card, many a corporation was none too eager to carry home to stockholders the bad news of earnings for the first half of 1946. But last week, as third-quarter reports came out, there was many a yelp of joy. There were still some failures; but there were also a surprisingly large number of "Es" for excellent.

Cause for Joy. The steel industry, thanks to its 90% of capacity operation, got an E. Republic turned in a net for the first nine months of $9,494,414 (v. $7,973,927 for the same period last year)....

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