EARNINGS: Rosy Box Score

How has U.S. business weathered the dislocations of rearmament and the impact of higher taxes? To find out, businessmen kept their eyes cocked anxiously on 1951's first-quarter earnings reports. Last week, as report after report told of alltime record sales and profits, it was clear that business had outperformed its expectations. Out of 176 companies which have reported so far, 135 had chalked up bigger net profits than in the first quarter of 1950.

Tax Bug's Bite. Nevertheless, the excess profits tax, added to a boost in thd corporate income tax, took such...

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