Word: pretax
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...press and in Congress an uproar followed Chrysler's report in December that 16 of its high executives last year picked up thousands of options at $21 to $31 a share and sold some of them shortly after the minimum six-month holding period at a total pretax profit of $4,200,000. The biggest gainer: President Lynn Townsend, whose profit before capital gains' tax and brokerage fees...
...retail sales-still look good. In fact, said the Federal Reserve Board last week, the current business expansion is a lot stronger and more solidly based than other, more spectacular postwar recoveries. And as for earnings, the first reports for the past year shattered old records on every side. Pretax corporate profits for 1963 will almost certainly pass the $50 billion mark to set an alltime record...
...enough to tear the record books to shreds. Industrial production, the measure of what U.S. business produces, rose 7% to reach a new high. After several years of a profit squeeze that discouraged new ventures and encouraged old complaints, business reaped an unprecedented harvest of $51 billion in pretax profit. Detroit's automakers, strained almost beyond their willing capacity for optimism, not only ran up the best year in their history, but witnessed the beginning of another that held promise of destroying tradition as well as records. Steel re-exerted its role as a bellwether of the economy, hitting...
...petrochemical holdings from Louisiana to Australia and owns 33% of Maruzen Oil Co., Japan's third largest refiner and marketer. Ludwig bought the stock from Phillips Petroleum, which had been blocked by U.S. trustbusters from absorbing Union Oil but happily gained a $46 million pretax profit on the sale. The deal makes Ludwig the largest single stockholder in Union Oil, and though he denies any immediate aim to ship its oil in his tankers, envious competitors note that the two interests make a handsome pair...
...risk of concentrating so much power in one airline outweighed the benefit the merger might have had for American and Eastern." The refusal left Eastern in a grave financial state. Faced with withering over-competition and crippled by a recent flight engineers' strike, it has suffered a pretax loss of $60.3 million in the past three years, including a $3,100,000 loss last month. The CAB believes that Eastern can survive, but it may now have to help out by reducing competition on some of Eastern's routes...