How deeply has the recession chewed into U.S. corporate profits? The Federal Reserve Board last week reported that in the first quarter of 1958, after-tax profits of manufacturing corporations tumbled 40.7% compared to first quarter 1957. Nondurable producers were off 32.1%, while durable-goods producers fell 46.1%, with primary metals and metal products (down 54%) and auto companies (down 52.2%) taking the worst licking. Yet once again Wall Street was busy looking ahead instead of backwards. With steady rises in most important groups, the stock market climbed another 5.17 points on the Dow-Jones industrial average to new high ground...
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