The annual spring flood of first-quarter earnings reports hit high-water mark last week. There were few washouts, butexcept for the railroads even fewer tidal waves. The most important fact about March 1943 profits: they proved that U.S. industry, on balance, is not losing money on its struggle to survive the war. The next most important fact: the first quarter of this year may well be the best and comparisons with last year's first quarter (the worst of the year) may be misleading.
The War Babies. For companies to whom war work was old stuff, this year's first quarter was strictly...
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