Word: gypsum
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...expected, the first order of William H. Harrison, boss of the National Production Authority, put a ceiling on business inventories to prevent hoarding of scarce materials. The broad order, issued this week, covered 32 materials, all the way from iron, steel, copper, gypsum board and industrial alcohol to burlap and nylon yarn. (Retail buyers were not affected.) Businessmen were warned not to accumulate materials "beyond what is needed for immediate production...
Other big companies followed suit. U.S. Rubber tacked a 25? extra on its regular 75? dividend; International Paper gave its shareholders a 25% stock dividend plus 75? in cash; U.S. Gypsum doubled its $1 quarterly payment. By midweek this flood of dividends had stimulated another upsurge in the stock market. The Dow-Jones industrial average reached 216.97, highest since the Korean invasion, before traders began to cash in some of their profits...
...National Gypsum Co., $4.4 million...
...Ford Motor Co. 2. U.S. Steel. 3. Coca-Cola. 4. U.S. Gypsum. 5. General Foods...
...loud voice of doom was heard in the land last week. It belonged to Montgomery Ward & Co.'s hard-bitten Chairman Sewell Avery, who has been preparing for disaster for the last three years. To the stockholders of U.S. Gypsum, which he also heads, Avery reported that the company had salted away $55 million in cash reserves. Warned Avery: "The thing that hit us in 1929 cannot be assumed not to happen again. Personally, I have been waiting for years for the ax to fall. I am becoming more convinced momentarily that the time is not far away...