Corporation profits in the second quarter were hay made while the sun still shone. From the flow of financial reports streaming off the presses last week it was clear that: 1) sales for most companies were still higher than a year ago; 2) profits were up on an average of 9% over the second quarter of 1944.
For many a company, the V-E day cutbacks had come too late to affect quarterly earnings seriously. For others, excess profits taxes had been a cushion against the drop in gross sales. In top brackets, taxes drop as fast as income, thus help...
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