From the Council of Economic Advisers came a report confirming what most businessmen suspected: profits are back to prerecession levels, and climbing. At $21.6 billion for the fourth quarter of 1958, after-tax profits showed a $3 billion jump from the third quarter; undistributed profits, or the money companies still have after taxes, dividends, etc., were up to $9.8 billion, the highest level since the first quarter of boom year 1957. The high profit level, plus the assurance of a fine first-quarter report for 1959, gives U.S. industry plenty of money in the bank to keep the recovery rolling. Many a...
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