Word: nettings
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Dates: during 1950-1959
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...report: Statistician Harold F. Dorn of the U.S. National Institutes of Health. Dorn's project was begun in 1954 as a check on the disturbing findings from the American Cancer Society's famed Hammond & Horn survey of 188,000 U.S. males. Researcher Dorn threw his statistical net even wider: it covered 198,000 men (and a sprinkling of women) holding Government life insurance as a result of military service between...
Renegotiation's bitterest enemies are the planemakers, whose defense-produced net income is rarely more than 3% of sales. Nevertheless, during fiscal 1957, the Board ruled they had made $33.6 million in excessive profits. Boeing has been ordered to give back $27.5 million (less tax credit), and lesser amounts are demanded from North American, Douglas, Lockheed and most of the others. The planemakers maintain that the Renegotiation Act is unconstitutional because it levies what amounts to a tax without a rate-and thus deprives the taxpayer of due process. The law provides no formula to measure excess profits. Instead...
...major consideration is corporate net worth. In 1952, for example, the board noted that Boeing Airplane Co. made a return on "beginning" net worth of about 93%, ruled that it had excessive profits of $10 million. Boeing President William McPherson Allen calls such a yardstick "callously fallacious." He and other planemakers argue that net worth does not reflect the greatest asset of any company: its know-how team of engineers, manufacturers and administrators. Moreover, it neglects the many profitless years of costly drawing-board development, design and prototype testing...
...pound you're saving the Government by beating cost figures." In seven years of producing B-47 and B-52 jet bombers and KC-97 tankers, Boeing saved $131.5 million on their anticipated prices-and got aggregate incentive profits of some $25 million-or $9,900,000 net after taxes. Yet for all this top performance the U.S. Government charged Boeing with $27.5 million in excessive profits for three of those years. Says Allen: "It is a case of one agency of Government arbitrarily negating the incentive for economical production established by another branch of Government...
...staggering Post. Fox, certainly at least as much through his own behavior and his growing reputation as a fabulous deadbeat as through anything Goldfine might have done, found credit doors slammed in his face. The Post folded on Oct. 4, 1956. In his struggles in the net of finances, John Fox has had federal tax liens slapped on his properties, been hauled through Boston's Poor Debtors' Court, been arrested for failure to meet court judgments against him and for failure to pay back wages to former Post employees, last week was collared on criminal libel charges. Even...