EARNINGS: Happy Chorus

"Sales and earnings for the second quarter," crowed Johns-Manville Corp.'s Board Chairman Lewis H. Brown, "were the largest for any quarter in the company's history." He did not crow alone. In the spate of second-quarter reports that came out last week, many another businessman sang the same happy tune.

Of some 300 corporations reporting, only eight were in the red at midyear. More than 70% of the rest showed gains over 1947. As expected, the oil industry kept its lead by pumping out profits even faster than it pumped up record supplies of oil. Gains ranged from 33% for Jersey Standard...

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