Word: fiscality
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Dates: during 1950-1959
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...University's total endowment of $535,102,249 at the end of its fiscal year, June 30, was more than twice that of Yale, its nearest rival in this department. With industrial stocks having risen about 85 points since last June, the University's "market value" is now even higher, the report said...
...Secretary McElroy led a Pentagon task force to the President's golf retreat at Augusta to report on the possibilities of wringing water out of the defense budget. After the meeting McElroy told newsmen that it will be "pretty rough'' to keep 1960 spending at the fiscal-1959 level. But when asked whether 1960's total would be $2 billion higher than 1959's, he recoiled: "Oh, no." How about $1 billion higher? "I just don't know," said McElroy. His final word before boarding his plane back to Washington: "economy" is being considered...
With an added push from the nation's No. 4 pop song, American Motors' "little Nash Rambler" was in high gear last week and setting new records. November production hit a new high of 26,782 cars. For the first two months of its fiscal year (October and November), Rambler almost doubled its last year's production. It accounted for 9.2% of U.S. auto sales in October and is still pushing up speed. Rambler's freewheeling President George Romney scheduled 34,000 cars for December and 32,000 for January. He not only expects to sell...
Because there is a higher net per car as volume increases, American Motors' profits are soaring far higher than the record $4.65 per share posted in fiscal '58. Romney expects to net a minimum of $17.5 million in the first six months, compared to $7.329,631 in the same period a year ago. Wall Streeters are just as optimistic; they figure that if Romney can keep up the hot pace and sell 325,000 cars in the whole year, American Motors will net upwards of $14 a share before taxes. Rambler is not only doing well...
...Though the industry invested $4.4 billion in new plants and equipment during the past decade, an estimated 65% of its machinery is still obsolete. Unlike the automobile or steel industry, the textile industry has no real giants to set the pace in modernization. The largest textile company, Burlington Mills (fiscal 1958 sales: $651 million), has only 5% of the industry sales. All the manufacturers are fiercely independent, have never joined in an intelligent drive to promote textile sales. Competition is so cutthroat that wholesale textile and apparel prices are only 93% of 1947-49 level, while other wholesale industrial prices...