Word: cushioned
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There is also cause for optimism in the tax cuts that go into effect this week. The 10% cut in personal income taxes will release $1.9 billion for consumer spending; the death of the excess profits tax provides a well-padded corporate cushion against a sales drop. Sales of General Motors, for example, could drop as much as 37% in 1954, and the automaker would still end up with net profits as good as in 1953. General Electric, even with some drop in sales, could boost its earnings to $7.50 a share this year v. an estimated...
...profit . . . The farmer and rancher can't buy machinery, household supplies, clothes, and get for their produce prices at the bottom of the ladder. One answer is for small operators to sell directly to the consumer who has ac cess to home freezers and commercial lock ers. A cushion for seasonal fluctuations is the answer to inflation, labor unions, fairtrade agreements...
...marched 80,000 Turks, including the President, the Premier, every Cabinet minister, every parliamentary deputy, every provincial governor and every foreign diplomat. Many of the 7,000 marching Turkish soldiers wore their Korean war decorations. Ten generals and two admirals escorted the coffin, while another admiral guarded a velvet cushion which bore the Medal of Independence, the only decoration Ataturk ever wore...
Comfortable Cushion. The pin-spotter is also symptomatic of the revolution that has taken place in the American Machine & Foundry Co. Formed in 1900 as the cigarette machine-making subsidiary of James Duke's tobacco trust, A.M.F. became an independent firm after the trust was broken up in 1911. Under the presidency of Rufus Lenoir Patterson, who had been an American Tobacco Co. vice president, A.M.F. developed the first cigarmaking machine. With a patent monopoly in the field, A.M.F. was able to charge the entire cost of the machine (about $4,800) upon installation, then collect a royalty...
Morehead Patterson (Yale '20, Oxford, and Harvard Law School '24) joined his father's firm in 1926 after he had taken a one-year fling at the law. He watched the company, with its cushion of royalties, sail through the Depression, paying dividends every year. But he decided that no company could expect to live on its patents forever. Says Patterson: "We could tell by 1938 that after 1946 we were going to have dividends of only half of what we had been counting...