Taking a fast, happy look at the second-quarter balance sheets of U.S. corporations, the President's Council of Economic Advisers reported last week that profits hit an estimated annual rate of $21.2 billion, or $800 million more than during 1955's first three months. Compared with the second quarter a year ago, the gain was more surprising; profits were up $4.4 billion over the spring of 1954, when business was in a slight slump. If earnings continue at the present annual rate, said CEA, they will be the second biggest on record, topped only by the $22.1 billion made during the 1950...
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