Word: profit
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Dates: during 1930-1939
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...with any in the country and the weight-throwing rings and jumping pits are in perfect condition. Harvard, with its Dillon Field House has ample housing facilities for the hundreds of athletes who will be competing. Also, Boston has supported former final tryouts with sizeable crowds, and a good profit would be in prospect. Track meets in other eastern cities have not met with the same enthusiasm and in many cases have been financial flops...
Last week Big Business and its staff of auditors bustled to present a fair view of profits & losses for the March 1934 quarter. Shot with good accounting practice was the report of U. S. Steel. From actual operations Big Steel had cleared $6,578,000. Interest and extraordinary expenses (representing its share of overhead for ore and shipping properties) ate up some $2,700,000. Steel would still have been able to report a profit had it not then deducted a walloping $10,795,000 for depreciation & depletion. This, of course, was not money out of its big pocket...
Other steel companies reported deficits pared or eliminated compared with the first quarter of 1933. Bethlehem reported a loss of $902,000 against a $5,769,000 loss last year. Youngstown whittled a 1933 loss of $3,473,000 to $1,423,000. Inland reported a $1,104,000 profit against a 1933 loss of $1,012,000. Republic Steel Corp. ("Rebecca" to Wall Street) lost $58,000 against $2,521,000. Wheeling also lost $58,000 but that was a big slice off last year...
National, only major steel company to pay common dividends throughout Depression, continued to shame its competitors. A first quarter profit of $1,642,000 against $280,000 in the same period of 1933 was more than the total amount paid out in dividends all last year. One good reason for National's amazing record is the strategic location of some of its plants in the centre of the Detroit automobile industry. Questioned about a report that he had been offered a $1,000,000 annual salary from another steel company, Chairman Ernest Tener Weir last week refused to name...
Having dispensed with routine matters, President Avery picked up a copy of the annual report showing a $2,207,000 profit-first since 1930. "I assume all of you have received a copy of this report," said he. "But I don't assume all of you have read it. I don't always read the damned things myself when they come from some other source. It might be a good idea to read the report at this meeting." Mr. Avery's good idea was voted down...