Word: prices
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Dates: during 1940-1949
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There was another reason for the stock rise. For the first time in its history, U.S. Steel decided to split its stock-3 shares for 1-if the stockholders approve next May. By thus lowering the price of its stock, Big Steel hoped to widen the ownership, and win more friends who might influence Congress if there is any more talk of putting the Government into the steel business. Next day, in a 55,100-share turnover-greatest since Nov. 7, 1940-U.S. Steel closed at 77½, up 4⅝ points, though the rest of the market sagged...
...profits were not confined to Big Steel. (President Truman, at his press conference, said he had always contended that steel prices were too high and he still thinks so.) Bethlehem Steel's net for 1948 was $90.3 million, up 76.8%, but the company cut no extra share of the dividend pie. Armco Steel, with a 28% increase in its profit to $32 million, boosted its quarterly dividend from 50? to 62½?. Wheeling Steel kept to its regular rate ($1 a quarter), though its earnings had jumped to $23.24 per common share (v. $18.66 last year), nearly half...
Softening Spots. Further drops in the cost of living promised to ease the wage pressure still more. The average retail drop in the price of meat since last September's peak, said the National Association of Retail Meat Dealers, was estimated between 15 and 20%. Packers were keeping their fingers crossed on whether the drop would continue, but they thought that meat would be in "pretty good supply for the rest of the winter," thanks to the bumper corn crop...
...Long Island plot 20 miles from Manhattan, Builders Levitt & Sons put up a trim two-bedroom bungalow. Like other U.S. builders, they knew a slump had curbed real estate sales; many a new house was going begging because the price was too high. But Bill Levitt felt sure there were plenty of buyers, if the house -and price-were right...
...thought his price was right also: $7,990. Veterans could buy the house for $90 down and $58 a month (for 25 years). The monthly payments covered taxes, water, fire insurance, mortgage payments and interest. When Levitt put up a for sale sign, the crowd got so big that police had to keep them in line (see cut). In seven days, Levitt & Sons sold 707 houses, nearly $6,000,000 worth...