Not Too Little, Not Too Much

Corporation profits in 1942 were much better than either Wall Streeters or stockholders expected. This cheerful news was doublechecked last week when Manhattan's National City Bank issued its profits survey of 2,560 enterprises--far & away the most comprehensive to date. The bank figured combined profits at $4,963 million, almost unchanged from 1941's $4,969 million despite higher taxes & costs.

Chief reasons for the good showing were a 91% jump in railroad net, sharply higher profits for airlines, amusement companies, hotels. Even manufacturing profits held up well. Thanks to a good final six months, total earnings eased only 13.8% for the year as compared to a 36.7% nose dive at midyear.

In contrast to this showing, weekly earnings of labor went up by 20% during the year and farm prices rose by the same amount to the highest in 21 years. Business was holding its own, but it was still the one big sector of the economy not unduly benefiting from the war.

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