Word: profiteer
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Dates: during 1940-1949
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...said that the Labor government's policy and makeshift expedients had brought the nation close to bankruptcy. A Laborite heckled: "Sell your horse!" Churchill shot back: "I could sell him* for a great deal more than I paid for him, but I am trying to rise above the profit motive...
...when Wallace finally got his hybrid, it started laying eggs earlier in the season than other breeds, laid larger eggs and more of them. In test runs sponsored by Iowa State College, four flocks of his hybrids netted an egg profit of $3.88 a hen a year, while other leading breeds brought in only 70? to $1.44 a bird. Average production of the hybrids was 247 eggs per chicken while none of the others broke through the 200 mark...
...glutted with eggs, thanks to the farm support program (TIME, Oct. 3), widespread use of hybrids like the Hy-Lines might solve that problem eventually. Hybrids could enable farmers to produce so cheaply, says Wallace, that they could accept much lower prices and still make a profit. Not all customers who have bought hybrids like them. Some say that the birds are too jittery. Furthermore, hybrid eggs might not be preferred in every market: a light cream color, the eggs are too dark for New Yorkers who like white eggs and too light for Bostonians, who like them deep brown...
...they struck oil, they could deduct 50% to 75% of the drilling expenses from their income, and later deduct 27½% of their annual gross from the well, as "depletion." Moreover, they could sell the well later and pay only a long-term capital gains (25%) tax on the profit. If the well was dry, they could write off the whole cost as a loss, thus cut down taxable income. Though many a hopeful had hit nothing but sand and salt, from Texas to Utah last week a handful of luckier stars had struck it rich...
...flamboyant Harry F. Sinclair, founded the Continental Trading Co., a Canadian corporation. Through Continental, the quartet bought more than twelve million barrels of Texas oil for $1.50 a barrel and then sold it to other corporations in their control for $1.75. This gave them a tidy $3,000,000 profit which they invested in Liberty bonds and whacked up among themselves without informing either their stockholders or the Treasury Department...