Profits: Upward Squeeze

As more and more first-quarter earnings were reported last week, it was clear that a large segment of U.S. business was doing better and better. Observers were quick to point out that during the first three months of 1968, wages rose faster than prices, a situation that points to a profit squeeze ahead. And the returns were not yet complete enough to set a pattern in any major industry. Still, the statistics suggested that business made impressive gains compared to the recession-tinged first quarter of 1967. A sampling:

· Chrysler, the only automaker...