Word: excessive
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Dates: during 1940-1949
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Reason for this was plain. Despite the production boom, nothing Business really wanted had been achieved. Taxes, far from easing, were made tougher by an excess-profits tax and likely to grow more so. Government spending was multiplied; the 76th Congress appropriated more than $17 billions. Interest rates on capital continued to fall. The National Labor Relations Board underwent a personnel shakeup, but Wagner Act modification was less likely than ever. Government regulation in general, previously little more than a list of "Don'ts," began to turn into positive control. Every well-editorialized reason why Business should hold back...
...large new list of machine tools was subjected to export priority control. Bill Knudsen scolded the industry for not doing more subcontracting. Meanwhile, investors showed less interest in machine-tool stocks than they might have if their low capitalization had not marked them for plucking by the excess-profits...
...First Rhapsody. No one should have been surprised. Trained in his youth by a Chicago Symphony clarinetist, Franz Schoepp, Benny Goodman can tootle with the two or three best in the world. Critics could find little fault with his playing of Mozart and Debussy-unless it was a slight excess of refinement and dignity...
...vacations with pay), a 2? raise in hourly pay besides. To most observers, it looked as if smart Chrysler had made another smart move. The $40 bonus, which will give employes about $2,250,000, actually will cost Chrysler only about $855,000 net (considering both normal and excess-profits tax savings...
...real reason for new interest in the rails was the fact that they are peculiarly favored by the excess-profits tax. Taking 20 typical industrial stocks, the Wall Street Journal last week showed that out of every $1 by which these companies increase their profits over 1939, 72? will go for taxes. Not so the railroads. With enormous structures of "invested capital," on which the return for most is nowhere near the law's minimum 8%, they offered their common stockholders one of the longest rides in the park. Signs, good...