Word: profiteer
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Dates: during 1940-1949
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...phone, listened for a moment, then crowed with delight: "I just made half a million today." He bubbled out an explanation that the stock of Hilton Hotels Corp., of which he owns 400,-ooo shares or 26%, had risen five-eights of a point, giving him the paper profit. Then he soberly corrected himself: "No, it was just about $250,000 at that...
...Palmer House, a bookstore that was paying a rent of $250 a month was replaced by a cocktail lounge grossing $2,000 a day. Employee locker space was centralized, making space for 50 additional rooms. In Hilton's first year, the Palmer House's operating profit rose $1,300,000 to $4,321,000. Hilton's men keep close tabs on food & beverages, figure that they saved $100,000 last year by careful menu-planning, and this year have spent $215,000 improving dining facilities in the Dayton Biltmore, alone. (In the Stevens, they discovered that only...
...confident that business will remain good for at least five years. Because of increased efficiency, the break-even point of Hilton hotels is now down to about 60% to 75% of capacity, as against a national average of 80%. For the first ten months of 1949, their operating profit totaled $6,886,108, slightly higher than last year...
...blue cardboard placards in Manhattan's Hotel Roosevelt last week were signs announcing: "Profit sharing makes every worker a capitalist." The two-year-old Council of Profit Sharing Industries was holding its annual meeting, and it had plenty of figures to back up its slogan. Starting with 16 companies, the council has grown rapidly; it now represents 155 companies with gross sales of $3.5 billion a year. Last year the 240,000 employees in the companies received about $40 million in profits, or an addition of 5% to 117% to their regular wages...
...reason for the growth of such plans, the council reported, is that profit sharing brings 1) better labor relations, 2) better productivity from workers, 3) higher profits. Some of the council members told...