Word: newports
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Dates: during 1950-1959
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...hottest shares on the New York Stock Exchange last week were the shares of U.S. shipbuilders. New York Shipbuilding Corp. jumped from 36 to 54⅞ in two trading days; Newport News closed the week at 79¼, or 29¼ points above its 1956 low. American Ship Building rose from 97¾ to 102. The greatest shipbuilding boom in the world's peacetime history had finally reached...
...shippers have nowhere else to go. Two years ago, not a single U.S. shipyard had a new ship-construction contract; today 58 tankers and cargo ships are being built and 23 more are on order. The New York Shipbuilding Corp. has $70 million worth of 1956 orders for tankers. Newport News has a quarter-billion-dollar backlog of orders. Mississippi's Ingalls Shipbuilding Corp., biggest in the Deep South, has enough contracts to keep it busy through most...
...this year four other members of the Merritt-Chapman & Scott family, picked up by Wolfson during his empire-building days, have gone on the block: Newport Steel, Shoup Voting Machine, Utah Radio Products, Nesco (house-wares). Last week, totting up the results, the Wall Street Journal figured that Wolfson may have lost on the deals. This was denied by Wolfson's business lieutenants, who contended the sales indeed had been profitable. Losses, if any, were only paper losses...
Needed: a Dock. To get the carrier contract. Wolfson underbid Newport News Shipbuilding, which has built two of the ships, thus acquired experience which enabled it to bid about 6% lower on the second job than on the first. It is, moreover, traditionally the industry's shrewdest bidder. Nevertheless, Wolfson underbid Newport News by $6,000,000-$7,000,000. At that price, experts estimate, Wolfson will lose money. In addition, Wolfson's firm must now invest an estimated $8 million to $10 million in a graving dock just to begin building the sea giant...
...elected president and chief executive officer of Rheem Manufacturing Co., maker of steel containers, heating equipment, military aircraft components, etc. (1955 annual sales: $161 million). "Gus" Walker succeeds Richard S. Rheem, who becomes chairman of the board, is first non-family man to be president. Born in Newport, England, Walker was raised in Australia, got an engineering degree at Sydney University. After two jobs as a sales engineer, he joined Rheem in Australia in 1937. Nine years later he was transferred to New York, became executive assistant to the president, later vice president...