Business: Follow the Leaders

Said U.S. Steel Chairman Roger M. Blough last week: "Things are good in the economy as a whole." Profitwise, that was probably the understatement of the year. Last week a trio of giants, U.S.

Steel, General Motors and Standard Oil (N.J.), reported that they had shattered their earnings records. Steel netted $177,877,960 in the first half, 89% more than last year. In the second quarter alone, it netted $105,225,558, more than doubling last year's second quarter $49,020,738.

General Motors ran up a second-quarter profit of $351,555,080 v. $236,083,050 for the same period a...

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