EARNINGS: Rich Black

The first big batch of returns came in last week. And U.S. industry found that, despite strikes, shortages and controls in 1946, actual profits lived up to the great expectations. The big boost came in the final quarter of 1946. Then, the Department of Commerce estimated, production had increased to such a peak that the national income (wages, rents, net corporate profits, etc.) was at a rate of $173 billions annually v. $164 billions for the whole year.

To no one's great surprise, steel, the basic industry that supported this tremendous production, turned...

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