Word: excessive
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Dates: during 1940-1949
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After I was run out of Guatemala, I met two other fellows, named, I believe, Harpo and Chico. After considerable bickering, they convinced me that America, softened up by an excess of rationing, could be persuaded to swallow another dose of Casablanca-this one to be called A Night in Casablanca...
...strike cost General Motors Corp.? Last week G.M.'s Alfred P. Sloan Jr. intoned the sad answer: an operating loss of $88.9 million. G.M. figured that $53 million would be offset by tax recoveries from the Federal Government, under the carry-back provision of the excess-profits tax. (But the amount may be reduced if G.M. shows a substantial profit for the full year.) Thus, G.M.'s net loss for the first quarter, the reddest report seen since depression days, was $36 million v. a 1945 first-quarter profit of $50 million. Nevertheless Mr. Sloan expects...
...first companies reporting, 127 did better in 1946 than in 1945; 86 did worse. But there were plenty of surprises. Whether they were pleasant or unpleasant depended on whether earnings had 1) plummeted under strikes or 2) soared because of the end of the excess-profits tax. (Greatest surprise of all would have been a strike for lower wages...
...Profits of Peace. In the repeal of the excess-profits tax, industry found the bonanza it had hoped for. Chicago's Marshall Field & Co. listed a 1946 profit of $3,210,000 v. $1,336,000 for 1945. Standard Brands, Inc., with sales down 3% and income-before-taxes down a big 34%, was still able to report a net income of $3,667,555 v. $2,699,400, because taxes had been cut 65%. International Business Machines did better. So did Monsanto Chemical, which doubled its earnings. Montgomery Ward & Co. climbed up from...
...roads a freight rate increase, although not till after hearings. And it will probably be whittled down to somewhere around 18% to 20%. ICC will probably point out that the roads are not as badly off as they seem, because: 1) the railroads, hard hit by the wartime excess-profits tax, will get large refunds under the carryback if taxable earnings drop sharply; 2) fixed charges will be some $100 million less than in 1941; 3) railroad debt has been steadily reduced during the war years...