Word: quarterly
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Dates: during 1940-1949
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Cutbacks. With production at a peak, General Motors pushed third-quarter sales to $1,580,405,459, up 32%. Its quarterly profit of $198.7 million v. $120.3 million in the 1948 quarter was the biggest in corporation history. In expectation of an extra dividend, G.M. stock rose to a new 1949 high of 68. But General Motors' President Charles E. Wilson and Chrysler's President K. T. Keller both warned that the steel strike had hurt even if it should end this week...
Many another corporation was also worried over a cut in fourth-quarter earnings from the steel and coal strikes. Some had been hard hit already. Of 47 railroads reporting so far, only two (Nashville, Chattanooga & St. Louis, and the Bangor & Aroostook) showed a gain for the first nine months over 1948. Some were in the red (e.g., Pennsylvania's September loss of $2.7 million put it in the red for the first nine months, v. a $20.4 million profit in 1948), and a bad third quarter put all the rest down anywhere from 15% to 75% for the nine...
Even before the strike, overall steel profits had begun to slip. Though U.S. Steel's third-quarter profits were up 13% from a year ago and Bethlehem's up 1.9%, Allegheny Ludlum was in the red, Republic and Inland's nets were off 23%, Jones & Laughlin's 44%, and ten other companies showed corresponding decreases. Nearly all the oil companies were down and many another industry showed a turndown when compared with 1948's third quarter, an alltime record...
...Some giants were holding their own; e.g., Procter & Gamble. Under its hard-selling new president, Neil McElroy, who worked up through P. & G. advertising to the presidency last October, the company boosted its net from $13.2 million to $19.7 million (a gain of nearly 50% for the Sept. 30 quarter). International Business Machines' Thomas J. Watson turned in a $24.7 million net for the nine months, up 16%, while most of his rivals felt declines. But many other giants were being nipped by faster-moving competitors...
This is pretty much what Robert Graves's new novel is all about-except that peppy Ysabel doesn't join the admiralty until the last quarter of the book, while the gold rush occurs in the first three-quarters and is led by Ysabel's husband, who is a general...