Business: Too Profitable?

Congress, in the person of a subcommittee headed by Louisiana's F. Edward Hebert, has been investigating U.S. aircraft companies on the suspicion that their profits are too high, their executive salaries too big, and their payrolls loaded with retired generals whose chief job as executives is to get military contracts out of the Pentagon.

Most major witnesses—doubtless because they are more engineers than publicists—have done little to disabuse Hebert's subcommittee of this notion. But last week Boeing Airplane Co.'s President William Allen, a lawyer with a clear grasp of finance as well as manufacturing,...

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