EARNINGS: Prettier Picture

Stockholders sat down last week to look over the earnings reports for the first half of 1946. Like the blind men of Indostan who went to see the elephant what they "saw" depended on what part of the animal they examined.

Volume Down, Profits Down. Reports of most companies in the steel, auto, coal and railroad industries showed the results of strikes and reconversion troubles. Gross income and net earnings were far below 1945 levels. But the effect of the strikes on earnings was cushioned by the carry-back provisions of the tax laws.

General Motors, hardest hit by strikes, showed an...

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