Word: grosse
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Dates: during 1950-1959
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Total production in the first quarter was at an annual rate of $357.8 billion, down only 1.5% from a year ago. Said a top Commerce Department official: "Gross national product is midway between the alltime record . . . in 1953 and the . . . total for 1952. I can't see how anyone can say we are even in a serious recession . . . when output is between . . . a very good year and an alltime high...
...Rich. One big reason Murchison is able to swing such varied deals is the tax bonanza enjoyed by all oilmen. This is the depletion allowance which permits them to pocket 27½% of their gross income (up to 50% of their net) before paying a cent of taxes. Such old-time Texas millionaires as Jesse Jones, who owns dozens of Houston's choicest buildings, and Publisher Amon Carter, whose Fort Worth Star-Telegram is Texas' biggest paper (circ. 241,582), were able to amass their first riches in other fields. So was Dallas' Leo Corrigan...
Foreign shipyards are booming. From Hamburg to Yokohama, shipbuilders are trying to keep up with orders totaling more than 6,000,000 gross tons (TIME, Aug. 3). But shipbuilding in the U.S. has been dropping steadily. In 1953, only 23,000 workers were busy building 40 new bottoms. If new orders do not come in. only three merchant ships will be delivered by U.S. yards in 1955 and employment will drop to 1,200. The U.S. merchant marine has been wallowing so badly that the Administration suspended all federal aid to shipbuilding last year and set the Commerce Department...
...Compete." Today, Harry Morrison runs an empire of 36 subsidiaries, eleven other companies, has more than 3,660 pieces of heavy equipment. MK's 1953 gross totaled $287 million, its profits a record $5,761,000, an impressive figure in an industry where competitive bids often shave profits paper-thin. Besides heavy basic construction, M-K is now expanding into factories and laboratories. In 1950, M-K bought 98% of Cleveland's H. K. Ferguson Co., one of the top U.S. constructors of industrial buildings, for $2,650,000, has put it to work on Pittsburgh...
...shifted from a conservative fixed-fee (cost plus a set profit) operation to a more competitive unit-cost (one price for the job) contract. Says Morrison: "A business isn't worth a damn unless you get out and compete." In the first year under Morrison, Ferguson's gross climbed from $27.8 million to $73 million (net: more than $1,000,000), and its backlog jumped from $20 million to $85 million...