Word: record
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Dates: during 1950-1959
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This was the good news behind last week's report from the President's Council of Economic Advisers that U.S. economic activity in the second quarter climbed to a record yearly rate of $483.5 billion. Even the Government's economists were surprised at the rise of $13.3 billion from the last quarter, $49 billion up from a year ago. They had hoped that the U.S. economy would show enough strength to reach the $500 billion mark by mid-1960. But the economy has snapped back from the recession-and hurtled on-faster than the most glowing optimists...
...Ernest Breech reported that Ford's second-quarter earnings of $2.76 a share (Ford lost money in the same quarter last year) were the highest for any quarter in the company's history, lifted Ford's half-year earnings 1,676% over last year, to a record $5.22 a share. Though Ford's second-quarter sales were only $3.7 million higher than the first quarter, its profits rose $16.3 million, demonstrating what automen have long known: once they hurdle the hump of initial cost and keep on selling, the profit dollars pile up with amazing speed...
Chrysler rolled up near-record earnings of $4.90 a share in this year's second quarter, hiked half-year earnings to $6.65 a share on a sales gain of 42% over last year. The news seemed so good to President Lester Lum ("Tex") Colbert that he hastened to warn stockholders against expecting too much in the second half because of lower production schedules and the cost of building and introducing 1960 models...
Good Sports. The vanguard of earnings from the nation's struck steel companies confirmed estimates that steel had had a record half-year. Inland Steel doubled its earnings for the half to $2.43 a share, but was outshone by the performance of other reporting companies. Allegheny Ludlum raised its half-year profit 802% to a record $3.20 a share, Jones & Laughlin hiked profits 642% to a record $5.31 a share, and Crucible Steel ran up a new record with earnings of $2.22. Seeking to explain the high steel profits, Jones & Laughlin's President Avery C. Adams pointed...
With the major steel companies about to weigh in with more record earnings, Adams was not the only steelman who felt slightly uncomfortable at announcing record profits in the middle of a strike for higher wages. Said an officer of U.S. Steel, the industry's leader: "Our earnings are pretty large. I guess they could come out at a better time. But we are taking it like good sports, proud to have done so well. Even after wage-cost push, depreciation, wasteful practices and such, we still have an awfully big hunk of dough left over...