Word: standardized
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Dates: during 1950-1959
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That knowledge and confidence sent stock prices soaring all through the year. Spectacular gains were scored throughout the list, e.g., General Motors went from 60 to 98;* Jersey Standard from 72 to 111; RCA from 23 to 38; Du Pont from 107 to 167; Anaconda from 30 to 52. As a group, the biggest rise (an average of 165%) came in the order-laden aircraft stocks. Taking into account splits, Douglas started at 83, rose 177 points (it gained 34 points in the last two weeks alone); Boeing started at 49 and rose 99 points; Northrop started at 18, gained...
...electronics industry, which had opened up new ways for waging war with guided missiles, was also pushing the U.S. into a new peacetime age-and a new Industrial Revolution. It was being brought about by "automation." The science was too new for the word to be defined in any standard dictionary, but it was already in general use. In the dawning age of automation, machines were not only being substituted for human muscles; they were also being substituted for the human brain...
...march of the robots seemed so swift that C.I.O. President Walter Reuther warned direly of the "depression and chaos" that automation might cause if not instituted under a broad plan. But in the long run automation was bound to boost the standard of living by increasing productivity and creating new jobs in the building and maintaining of the new machines. Said another C.I.O. boss, the late Philip Murray, in 1951: "I do not know of a single, solitary instance where a great technological gain has taken place in the U.S. that it has actually thrown people out of work...
Died. Dr. William M. Burton, 89, onetime (1918-27) president of the Standard Oil Company of Indiana, inventor (in 1913) of the Burton cracking process, which doubled the potential yield of gasoline available from crude oil and made mass motoring possible; of a heart ailment; in Miami...
...Very discouraging," says J. P. Marquand, who adds: "It's harder for a writer to amass a fortune than for a rich man to enter the Kingdom of Heaven." Writes Critic Malcolm Cowley in his appraisal of The Literary Situation: "Aside from the hard-working authors of textbooks, standard juveniles, mysteries and westerns, I doubt that 200 Americans earned the major portion of their income, year after year, by writing hard-cover books." The 1950 census counted 16,184 authors in the U.S. (6,235 of them women...