Word: eastmans
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Meanwhile, at last week's end, many prime equities fell to apparent bargain levels. Examples: Du Pont (selling around 160 and paying $7.50), Eastman Kodak (selling around 140 and paying $6), Bethlehem Steel (selling under 80 and paying $3.75), United Aircraft (selling at 48 and paying $2.75), nearly a 5% rate of return on the cream of U. S. business. Traders with cash balanced the temptation to snap up these bargains against the thought that fresh Allied disasters might well knock the market down to still more attractive bargain levels before defense spending takes hold...
...also got married (to his senior professor's daughter), emigrated to the U. S. and went to work for a photographic supply manufacturer. Then he started his own consulting practice, invented a quick-action photographic printing paper called Velox, organized Nepera Chemical Co. to manufacture it. George Eastman of Eastman Kodak bought...
Legend has it that Eastman paid Baekeland $1,000,000, several times the minimum sum on which the young inventor had set his mind. At all events, he found himself, at 35, rich enough to do what he pleased. He converted a stable in his back yard into a laboratory. He found that phenol (carbolic acid) and formaldehyde interacted to make a non-melting, non-dissolving solid like nothing in nature. This was Bakelite, foundation stone of the synthetic plastic industry. After forming General Bakelite Co. (later Bakelite Corp.) to exploit his discovery, Baekeland methodically listed 43 industries in which...
Motor transport figures were something else again. Taking highway users in the mass, Coordinator Eastman's report concluded that in four years (1933-37) they had paid in State and local gasoline and license taxes $276,961,000 more than their fair share of the cost of the roads. Items (in 1932): Tractor-trailers (more than five tons) paid $832 in taxes, should have paid only $545 of road costs. School busses paid only $77, should have paid $5 more. Passenger cars paid $26, hit their responsibility on the nose. Underlying these estimates was a basic assumption: that since...
Quick to attack this figure was jib-nosed John Jeremiah Pelley, president of A.A.R. Testifying before TNEC next day, he called Analyst Eastman's road-cost allocation an "astonishing assumption," defended "home owners, farmers and others who pay general taxes" against the implicit charge of paying less than their share. A.A.R.'s own conclusion: that vehicle owners should pay 75% of all road costs, Government the rest. Eastman's: "Their [the railroads'] contentions impress me as being carried to extreme limits." But Railroader Pelley also reminded his hearers why railroad and truck taxes cannot, should...