Word: springing
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Dates: during 1930-1939
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Although only Packard had announced its prices at last week's end, price cuts below 1938's levels were likely to be made in other lines. Last spring, when the steel industry was bogged down in a soggy market (TIME, May 8), it pulled its production rate out of the bog by making concessions to hard-boiled motormakers' buyers: an average of about $6 a ton below published price lists. The steel industry, more worried about production than prices at the time, also guaranteed its concessions to the end of this year. By piling...
...opinionated, poker-playing Paul W. Litchfield, who has tough Steelmaster Tom Girdler on his board. Litchfield is a great dirigible booster, a chum of Germany's Zeppeliner Dr. Hugo Eckener. In 1936 he wanted to nominate Colonel Charles A. Lindbergh for Vice President on the Republican ticket. Last spring he urged the U. S. to barter (as it soon did) surplus cotton for a stockpile of rubber which a war would shut...
...world's crude rubber. With only about 10% of Goodyear's requirements produced by Goodyear's own plantations, he must gamble more heavily than his competitors on war or peace as well as recovery or depression when he goes to market. In the spring of 1937, when commodity prices threatened to run away, Goodyear bought heavily, and when Depression II got under way, Goodyear had to take a $10,343,000 loss-in spite of which Goodyear had enough operating profit left over...
...Last spring Goodrich demanded a 12-14.8% wage cut, compromised on 5.7%. This spring it pruned interest, like U. S. Rubber, by getting a cheap six-year bank loan with which to retire $18,319,200 of 6% bonds...
Firestone, which shoes the wheels of most top-flight U. S. racing cars, publishes its half-year report at the end of April. Last spring it had encouraging news for its stockholders in spite of the fact that one of its major customers, Motorman Henry Ford, is rapidly expanding his own tire production in the River Rouge plant. For fiscal 1938's first half (October-April) Firestone turned a net income of $2,429,738. This year's six-month...