Word: millions
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Dates: during 1940-1949
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Despite the whopping Kaiser debts to the U.S., RFC Chairman Harley Hise, a onetime California banker and minor Democratic politician, regarded the $44.4 million loans as "sound banking" action. Hise thought that there was "more than a reasonable chance that K-F can succeed...
Actually the terms to Kaiser are fairly stiff. For the $44.4 million, RFC required 1) a lien on all physical assets of K-F, 2) a guaranty for $15 million of the loan by two other Kaiser companies "who must also put up stock collateral having a market value of at least $10 million, and 3) a lien for $10 million of the loan on a fixed reserve of unsold autos...
...solidly shored up by 1) the whopping third-quarter profits of many a corporation, and 2) an increasing tendency to pass some of these profits along to stockholders in the form of bigger dividends. Chrysler, for example, which had turned in a third-quarter net of $45.4 million v. $24.1 million in the 1948 period, raised its $1.25 quarterly dividend to $1.50. The stock went up 2⅛ points in the next day's trading, to a new 1949 high...
Cutbacks. With production at a peak, General Motors pushed third-quarter sales to $1,580,405,459, up 32%. Its quarterly profit of $198.7 million v. $120.3 million in the 1948 quarter was the biggest in corporation history. In expectation of an extra dividend, G.M. stock rose to a new 1949 high of 68. But General Motors' President Charles E. Wilson and Chrysler's President K. T. Keller both warned that the steel strike had hurt even if it should end this week...
...steel and coal strikes. Some had been hard hit already. Of 47 railroads reporting so far, only two (Nashville, Chattanooga & St. Louis, and the Bangor & Aroostook) showed a gain for the first nine months over 1948. Some were in the red (e.g., Pennsylvania's September loss of $2.7 million put it in the red for the first nine months, v. a $20.4 million profit in 1948), and a bad third quarter put all the rest down anywhere from 15% to 75% for the nine months. Among the coal companies, earnings were also down...