EARNINGS: First-Quarter Touchdown

As the U.S. industrial machine sped along with hardly a shiver or a shake, the President's Council of Economic Advisers estimated that first-quarter profits had run at an annual rate of $30.5 billion, almost $2 billion better than 1949. The first big batch of first-quarter reports furnished statistical proof of the upsurge. Of 203 reports published by last week, 112 showed better earnings than in 1949.

A big gainer was American Telephone & Telegraph Co., which reported a net of $64,400,000 (up 20% from the same period of 1949). When A.T. & T. held its annual stockholders' meeting in Manhattan...

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