Word: seconder
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Dates: during 1960-1969
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...Investors are worried about the likelihood of higher taxes on capital gains and a reduction in the oil-depletion allowance (see THE NATION). Corporate profits are another disheartening factor. Earnings remained at record levels all through the 1966 market slide. This year most companies reported rises for the second quarter, but there have been some major exceptions, notably in steel, autos and airlines (see following story). Compared with the second quarter of last year, earnings fell 17% at Kaiser Industries, 17% at General Motors and 33% at Inland Steel. The general expectation is for little improvement over the rest...
...decline, down as a group by 37% since the beginning of the year. The drop is accelerating: the index of air stocks fell by a startling 11% in five trading days two weeks ago and again by 6% last week. TWA, Pan American and Western Airlines skipped their second-quarter dividends because of sharply reduced earnings...
Costly Steaks. The industry makes no attempt to gloss over the serious de terioration of its finances. To get at least temporary relief, it is negotiating in Washington for the second fare in crease this year. Air travel has traditionally reflected the ups and downs of the U.S. economy, since, as one air line executive puts it, "vacation dollars are expendable dollars." Inflation and the incipient economic slowdown have cut into travel for both business and pleasure. In the first six months of 1969, passenger travel rose 11% from the 1968 level, 4% less than anticipated. During June...
...impact of Japan's industrial machine, the fastest growing and now the second largest in the non-Communist world, is felt in every corner of the earth. In Europe, businessmen simultaneously worry about competition from Japanese goods and depend on Japanese-built supertankers to move Mideast oil to them despite the 26-month closing of the Suez Canal. In tiny mountain towns of Western Canada, long-unemployed miners are going back to work to dig the coal needed to fill a new $600 million order from Japanese steel mills. Ideologically impartial, Japanese industrialists trade with Peking and Taiwan...
Passionate Urge. Wells, in one of his favorite words, had the "woosh" of a man who judges everything to be within his grasp. When his first wife proved a sexual disappointment, he took a second. When the second wife proved a superb hostess-manager-but another sexual disappointment-he kept her and took mistresses, including the novelist Rebecca West, who in 1914, when she was 22 and he was 48, presented him with...