Are profits this year equal to the profits of record-breaking 1947? As a spate of first-quarter reports came out last week, the answer to this $17.4 billion question seemed to be a pleasant yes—and then some. For many a company, first-quarter profits were even fatter than the net for the corresponding period last year.
Of some 200 corporations reporting, only six were in the red. About 60% of the rest showed gains. The oil industry, which was able to increase production with little rise in costs, was well out in front. Typical: Sunray Oil Corp., with a profit of $4,126,025,...
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