Word: grossness
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Dates: during 1940-1949
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...business, brought them mixed tidings. For one thing, they were not alone in their doldrums; in April, Sawyer's economists had reported, the sales of all manufacturers slumped $1.2. billion from March to the lowest monthly total ($16.9 billion) this year. But Sawyer was optimistic : the gross national output, as he pointed out later in the week, was still running ahead of 1948, there was still a strong demand in many lines, and price supports and unemployment benefits would cushion any decline in incomes. For the steelmakers themselves, Sawyer had a special word of cheer. "The Government," said Sawyer...
Gump's sharp break with its incensescented past was decreed by Richard Benjamin Gump, 43, an artist-entrepreneur who took over as president in March 1947. This year he has boosted business 10% over 1948 (when the net profit was $160,000 on a gross of $2,600,000). To Dick Gump the change was part of a crusade against "that awful, stuffed-shirt attitude about art which scares the people and keeps the merchandise on your shelves...
...January, 1948, Leonard wrote a letter to a local newspaper criticizing the gross receipts tax and urging instead a state income tax. He spoke purely as a private citizen, but he was called in by a Rutgers official and told that since his letter reflected a viewpoint, that viewpoint should conform more closely to that of the college administration...
...major change that the State made when it converted the old El into the MTA in 1947, was to buy up the old corporation's stock. Since 1918, the dividends on this stock had been paid on the gross profits before any of the surplus had been plowed back into improvements for the transit system; thus, the stock was for private investors highly profitable and secure. Inasmuch as a politically appointed board of trustees ran the company, these stocks became during the Curley regime a form of party patronge. So the State elimination of these dividends cut out a large...
...reorganization itself brought new financial burdens. Though the millstone of gross profit dividends was removed from the public neck, it was done so very extravagantly. The State bought up the old El stocks at $85 per share when the market value of the stock averaged $57.50 and, in twenty years, had not exceeded $73. In reorganization, too, the public ownership clause exempted the new company from participation in the Federal Social Security Act benefits. The MTA had to set up its own pension system at an annual cost of $1,400,000. To add to the staggering totals, the outgoing...