In 1937 U. S. industry experienced nine beautiful months, then the foulest final quarter on record. In 1938 U. S. industry experienced six months of stagnation, then six of brilliant recovery. It was logical to expect, therefore, that corporate earnings for 1938 would turn out to be substantially, but not appallingly, below 1937. By last week enough year-end statements were out to show that, with the inevitable exceptions, this was the case. Samples:
Utilities 1937 1938 <BR> American Tel. & Tel. $179,834,815 $152,037,000 <BR> Commonwealth & Southern 15,124,836 11,864,746 <BR> United Corp. 10,692,598...
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