Business & Finance: Profit into Loss?

RENEGOTIATION

Cleveland's Jack & Heintz, the Katzenjammer Kids of U.S. industry (TIME, April 6, 1942, et seq.) were last week playing a new role. Famed for their fantastic bonuses to "associates" (employes), as well as for their bang-up job of turning out plane equipment, they were putting up a noisy fight to hang on to their money. The War Department had ordered their 1942 profits pared by $7,000,000 ($5,250,000 has already been collected in taxes).

In the Red. Ebullient, hard-working President William S. Jack flatly stated, in half-page newspaper ads in Manhattan and Cleveland,...

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