Word: sold
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Dates: during 1950-1959
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Automobiles. Detroit is upping its estimate that 6,500,000 to 7,000,000 cars will be sold in 1960, including half a million imports, said W. C. Newberg, executive vice president of Chrysler Corp. No one is now thinking of a range much below 7,000,000 units. Reason for rising optimism: the large number of sales deferred by this fall's steel shortage, plus "the excitement over the new economy cars that has helped to stimulate sales in all other price classes...
Dramatically Kefauver's staff presented a chart showing that the Schering Corp. sold bottles containing 100 tablets of prednisolone, an antiarthritic drug, to druggists for $17.90, although the cost of buying the drug from another drug manufacturer and bottling it came to only $1.57. Was this markup of 1,118% fair? Kefauver asked...
...profit potential of the drug industry. Set up in Bloomfield, N.J., in 1935 by Germans to make sex hormones, Schering had only $3,000,000 in annual sales when the Government confiscated the company in 1942, and put Francis Brown, then a young Government attorney, in charge. The Government sold the company for $29 million in 1952, and within five years its yearly net exceeded that. But success was not guaranteed. A year after the stock went on the market at $17.50, it dropped to $11 before the company developed a cortisone-type drug. Then it found two, prednisolone...
...Prices. The subcommittee needled the industry again when it produced Seymour N. Blackman, executive secretary of Premo Pharmaceutical Laboratories of South Hackensack, NJ. Blackman estimated that the U.S. public could save $750 million a year if physicians would use scientific instead of brand names in prescriptions. This year Premo sold the Government prednisone tablets at $20.01 per thousand, while Merck & Co. offered to supply them to the Government at $63.70 per thousand and sold them to druggists at $179, for a retail price...
When the subcommittee asked Merck & Co.'s President John T. Connor for an explanation, he was well prepared. The big companies, said he have different selling costs for individual sales and bulk sales to Government, could not stay in business if they sold to everybody at the same price. Connor turned out to be such an expert witness that Kefauver complained : "Every time I ask you a question you start reading." Replied Connor, who had 22 assistants with him and had spent six months getting ready to testify: "I thought I would do you the honor of coming well...