Word: nettings
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Dates: during 1950-1959
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With his new, fast net, Dr. Hubbs catches faster fish, some of them as deep as 9,000 ft. "Every time we send the net down," says Hubbs, "we come up with something never before seen on this coast: fish with telescopic eyes, long fanglike teeth, dragonlike appearance." One fish caught has a long ratlike tail. Another, the black swallower, has an extensible stomach, convenient for heavy, infrequent meals. It can swallow a victim three times as big as itself. Another fish has a well-defined neck. Another has a huge lower jaw, a hundred times the size...
...present nets are at most 15 ft. wide, but Dr. Hubbs plans to build one 50 ft. wide, and catch even bigger and faster deep-sea inhabitants. Such creatures are known to exist; sperm whales, for instance, live mainly on giant squid taken at great depths. There is a chance that the new net may catch such a squid...
...basis of 1950 costs and production rate, arguing that even a slight cutback in auto output (plus the hike in taxes) would bring a much sharper cut in earnings. G.M. was right. Though total sales were actually up slightly over 1950 (to $3.9 billion), G.M.'s net fell 42% to $280 million, its margin of profit from 11% to 7%. The drop, explained Chairman Alfred Sloan, showed the effect of lower passenger car sales, higher taxes (up 40% to $508 million), higher costs without compensating price boosts and "the lower margin of profit realized in defense work...
Frowns. Elsewhere in the auto industry, the picture is the same-and further civilian production cuts will soon be coming (see above"). Nash-Kelvinator, reporting for nine months, showed a 40% drop in net (to $13' million) and Studebaker's six-month profit was halved (to $7,600,000). Brightest spot in the automotive field: the newly revitalized Mack Trucks (TIME, Feb. 19), whose net soared from $64,000 to $1,900,000, even though taxes jumped nearly fifteenfold...
Automakers are not alone in their troubles. Even the steel companies, with orders at a peak, are hit. Bethlehem Steel's gross for the first half reached a spectacular $876 million, but a doubled tax load dragged its net down 14% to $49 million. Only by boosting its sales 20% did Inland Steel add a modest 6% to its net ($19 million). Of a dozen reporting electric utility companies, eleven had higher revenues, but four had lower nets than...