Word: half
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Dates: during 1950-1959
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...supplies were tighter and demand stronger than at any time since the post-Suez glut. By cutting production, imports and refinery runs in the first half of 1958, oilmen had whittled gasoline and crude-oil inventories to what they consider ideal levels. Last week stocks of gasoline slid to 183 million bbl.-a six-week supply-and crude dropped to 252 million bbl.-a five-week supply. More important, the boom in vacation driving boosted gasoline demand in June 4% above April and May, one of the best gains in twelve months...
...second quarter, Kappel noted, the number of new phones installed totaled "about 500,000-slightly more than in the first quarter," but still well below last year's figure of close to 700,000. Long-distance phone calls rose by 4% during the first half. Together, the two gains helped wipe out the first-quarter downturn in earnings. Net profits for the second quarter totaled $233 million, v. $214 million for the same quarter last year. Revenues were $1.66 billion, v. $1.57 billion last year. Said President Kappel: "While our current rate of gain is lower than...
...Half a dozen other big companies also reported second-quarter earnings last week. As expected, steel and autos were still in rough shape. Lukens Steel reported sales down 17% (to $51 million), profits off nearly 50% (to $3,000,000) for the first six months of 1958. Ford Motor Co. was even worse off. Its earnings dropped 77% to only $22.7 million in 1958's first quarter, thus failing to earn the 60? dividend. Last week the company gave stockholders more bad news. It cut its dividend to 40? per share, raising speculation that it might have...
...side. In food, Safeway Stores showed that consumers are going right on buying, with sales up 4% to almost $1 billion for 1958's first 24 weeks and a record profit of $14.9 million, up more than 7% over last year. In electronics, International Business Machines reported first-half sales in the U.S. of $564.6 million (up 19%) and earnings of $50.6 million (up 20%), both new records...
...rank of U.S. Under Secretary of State for Economic Affairs. Dillon's first objective: an increase in the reserves of the International Monetary Fund, which have not been raised generally since the fund was created in 1944, although inflation and rising world trade have cut in half the fund's effectiveness in keeping world currencies in balance. Although the fund squeaked through the currency crisis at the time of Suez, many fear that it is now facing a major new threat. So many underdeveloped countries are running out of foreign exchange, because of the drop in sales...