Continuing Slide

Company earnings tumble

Despite reports out of Washington last week that the economy grew modestly in the second quarter, American business leaders can see few signs to give them any cheer. Corporate earnings for the April through June quarter now being reported indicate that the period will be the worst for company profits since 1975.

One of the few bright spots last week was Chrysler Corp., which rented a ballroom at New York City's Waldorf-Astoria Hotel to announce that it had earned $106.9 million, its highest quarterly profit in five years. Even though its...

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