Word: profits
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Dates: during 1950-1959
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...owners of the company's 800,000 shares of stock agreed to sell to Lazard Bros. & Co., Ltd. (British associate of Wall Street's Lazard Freres & Co.) for $23.70 a share. By holding out ever since Lazard made its first offer last December, stockholders made a fat profit. During eight months of negotiations, the stock shot up in London and the U.S. from $7 a share to nearly $28. Lazard Bros, said a "number of American corporations" were in with it on the $19 million deal. Although it has already signed up Matador's top ranch executives...
...arguing that even a slight cutback in auto output (plus the hike in taxes) would bring a much sharper cut in earnings. G.M. was right. Though total sales were actually up slightly over 1950 (to $3.9 billion), G.M.'s net fell 42% to $280 million, its margin of profit from 11% to 7%. The drop, explained Chairman Alfred Sloan, showed the effect of lower passenger car sales, higher taxes (up 40% to $508 million), higher costs without compensating price boosts and "the lower margin of profit realized in defense work." As low-profit defense work becomes a major factor...
Frowns. Elsewhere in the auto industry, the picture is the same-and further civilian production cuts will soon be coming (see above"). Nash-Kelvinator, reporting for nine months, showed a 40% drop in net (to $13' million) and Studebaker's six-month profit was halved (to $7,600,000). Brightest spot in the automotive field: the newly revitalized Mack Trucks (TIME, Feb. 19), whose net soared from $64,000 to $1,900,000, even though taxes jumped nearly fifteenfold...
...outfoot taxes. Of 16 reporting companies, only two showed a decline from 1950. The $249 million net of Standard Oil Co. (N.J.) was up nearly 60% over last year's first half. Socony-Vacuum's net rose percentagewise even more (to $76 million); Shell boosted its profit from $39 million to $46 million...
While lawyers were holding transatlantic conferences over her divorce demands from Aly Khan, Rita Hayworth turned working girl again (at $252,000 a year plus 25% of the net profit on her pictures) and checked into Columbia studio for her first chore: five hours of color-camera posing for magazine covers...