The first small batch of year-end earnings reports trickled in last week. At a quick glance, 1943 seemed to have been a rosy year for U.S. business, perhaps better than 1942. And even on longer second glance, much of the rosy tint held up under a grey-colored fact. The fact: many a corporation, slashed by renegotiation, squeezed by taxes, soaring costs and OPA ceilings, has reached its profit peak or is already over the hump and on the way down. But the rosy color held up generally because, in spite of everything, most...

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