Word: nets
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Dates: during 1950-1959
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Accountants summed up the estate of Sportsman William Woodward Jr., accidentally shot to death 14 months ago by his wife Ann in her belief that he was a prowler (TIME, Nov. 7, 1955 et seq.). Inheritance taxes will gobble more than $6,000,000 of his net estate of $10,186,299. Ann was left the life income from a $1,300,000 trust; upon her death, their two sons are to get her trust principal...
...finance the enormous expansion, business has had to make some sacrifices. Profits slipped to $41 billion before taxes v. $42.7 billion in 1955 as 40% of all net earnings was set aside, largely for new plants and machines. Says Republic Steel Vice President Norman W. Foy: "Our policy is hard on stockholders, but there is no alternative." Though dividends were up slightly to $12 billion v. $11.2 billion in 1955, they were still only 60% of profits compared to the 75% that corporations consider the normal payout to stockholders. As one result, Wall Street's bull market...
...David Sarnoff to sell more of what he first envisioned as a "radio music box." Last week, with a $350,000 birthday party in Miami, NBC proudly surveyed what Sarnoff had wrought. It had grown into a giant with 207 TV and 188 radio affiliates, yearly net revenue of $159 million, 5,500 employees and 35 vice presidents,*and the cachet of being sued by the U.S. as a monopoly...
...TRANSIT SYSTEM, successor to Capital Transit Co., Washington's long-limping bus and streetcar system, is finally getting on the track under new management after being milked of millions by Financier Louis Wolfson (TIME, June 25). Company changed net loss of $4,836 in September to $92,986 profit in October, now is enjoying first big passenger upswing since...
After President Ralph S. Damon died last January, Trans World Airlines began to lose altitude. Without his firm and skilled hand, the net profit dropped 96.9% in the first nine months to only $170,000, despite an 11% rise in operating revenue. Last week T.W.A. Owner Howard Hughes finally found the man he hopes will pull T.W.A. out of its dive: Carter Lane Burgess, 39, Assistant Secretary of Defense for manpower...