Profits: The First Quarter

As annual meetings came to order last week, news of pinched profits during the first quarter of 1967 did little to dampen the spirit of this capitalistic rite of spring. Company directors grinned and bore the usual questions about executive wages, profit sharing, charitable contributions, and cumulative stock voting. A.T. & T.'s new chairman, Haakon I. Romnes, greeted his 4,801 guests at Baltimore's Civic Center and handled the meeting with aplomb. In Detroit, Chrysler shareholders barely flinched when Chairman Lynn A. Townsend told them that first-quarter earnings had plummeted 71 % from a year earlier.

Indeed, it seemed that stockholders...

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