Word: profiteer
(lookup in dictionary)
(lookup stats)
Dates: during 1940-1949
Sort By: most recent first
(reverse)
Editors will feel an urge to jump on Hocking, especially for his parallels, for truth in politics and morals is no matter of applying a multiplication table. But critics can profit by reading his argument to the end, at least for his insistence on the principle that freedom of the press presupposes a specific acknowledgement of moral responsibility by the press. His argument is a rocky path, but along the way he has strewn some bright pebbles of comment and criticism...
...item in Big Steel's earnings statement was an extraordinary additional charge of $6,700,000 (a boost of 30% over normal) for plant depreciation. New York's jumpy PM promptly jumped on it, cried that the $6,700,000 was profit that Big Steel had hidden to excuse its boost in prices. Olds conceded that the item was not "presently" deductible for tax purposes.* Thus in the eyes of the U.S. Treasury, it might be considered profit. But Olds claimed that the depreciation was warranted by recent increases of far more than 30% in the cost...
...first to mark the occasion was General Motors Corp. Olds had minimized the steel boost by declaring that it would add no more than $9 or $10 to the cost of the average automobile. But G.M. boosted car prices last week from $60 to $168, despite a record peacetime profit of $81,804,815 in the second quarter v. $65,818,019 in the first quarter. G.M.'s explanation: since November 1946, steel and almost all other materials have gone up in price along with wages. Its huge profit, said G.M., was due to low-cost materials in inventories...
...Corp.'s $641,454 up 39%. Only Republic Steel Corp., whose second-quarter net of $5,214,820 was only half that of the first quarter, showed the rise in costs the producers complained about. Even so, its $16 million net in six months was four times its profit in the corresponding period of last year...
...with Brer B'ar, the profit picture held a snare for business generally; its riches were sure to bring increased pressure for lower prices or higher wages, or both. Yet there was little talk of lower prices. The talk-and worry-was all over higher prices. The steel industry had already started its own private inflationary spiral (see The Economy...