Word: excessively
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Dates: during 1950-1959
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During last week's stormy House debate on wartime economic controls (see NATIONAL AFFAIRS), Ohio Democrat Walter B. Huber uncorked a surprise. He jumped to his feet and offered an amendment calling for a corporate excess profits tax. Without bothering to ask for details, the House promptly gave its approval by a standing vote. When House Republicans later found that Huber's amendment would restore the sky-high 80% maximum tax (and the same basis for computing it) as in World War II, they forced another vote, and the amendment was tossed...
There was no doubt that sentiment for an excess profits tax was strong among businessmen, as well as Congressmen. Last week the U.S. Chamber of Commerce reversed its long stand against such a tax, said that one should be considered by Congress in 1951, and suggested that an immediate study be made to draw up a fair and workable law. At the same time, the Chamber insisted, nonessential federal spending should be heavily...
Nevertheless, U.S. drinkers had the jitters about a possible liquor shortage. Their rush to stock up moved several whisky distributors to put dealers on temporary allocations, and the heedless excess last week brought customers quick hangovers. Schenley Distillers, Inc. announced that it was hiking its eight-year-old, 100-proof rye and bourbon $1.35 a fifth, bringing the price in some localities...
Scared Bulls. The market had cracked because investors well knew that business, under wartime excess-profits taxes, could not maintain its current peacetime profits. For example, General Motors, which is earning at the rate of $20 a share this year, earned a maximum of only $3.68 during World War II. Studebaker, earning at the rate of $12 a share, had a wartime peak of $1.74. U.S. Steel, now earning at the rate of $6.56, earned only $5.29 in its best World War II year. The facts were that the blue-chip companies whose stocks had led the bull market...
Other jittery rumors that Cadillac, Packard and other automakers were switching to tanks were also flatly denied in Detroit and Washington. While the National Security Resources Board had long since prepared industrial-mobilization plans calling for an excess profits tax, allocation of materials and manpower and other stringent controls (see WAR IN ASIA), NSRB saw no reason to take the plans out of mothballs last week. NSRB had issued "phantom" orders for $900 million worth of machine tools months ago, with instructions to manufacturers to lock them up in company safes until they got wires to put them into effect...