Word: tex
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Dates: during 1950-1959
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With his own sales down 33% (for Ford) and 65% (for Mercury), Ford President Henry Ford II showed stockholders a first-quarter ledger with earnings off 77% to $22.7 million. Chrysler Boss Lester Lum ("Tex") Colbert had to face up to a $15.1 million loss-the biggest ever-with sales down 53%. Only General Motors President Harlow H. Curtice has anything to crow about. Chevy has bumped Ford out of the No. 1 spot; G.M.'s overall first-quarter sales were off only 11.6%, its earnings down 29.1% to $185 million; G.M. cars, though down in volume, have captured...
Last week the Trib's pressagent, Tex McCrary of TV-radio fame, admitted that at its present rate the Trib stood to lose $1,000,000 in the fiscal year ending in July 1959, conceded that Jock Whitney, his wartime friend and peacetime neighbor (Manhasset, L.I.), was considering taking over controlling interest in the Trib as a price for his help...
Uncomibird with Education. In Texarkana, Tex., the Gazette gave a spelling test to screen job applicants (sample answers: mislanison for miscellaneous, axsesserys for accessories, vacon for vacuum, uncomibird for unencumbered), found just one person who could make a perfect score: a 45-year-old housewife with an eighth-grade education...
...higher 1958 prices the trouble? The Senators heard Chrysler's President Lester Lum Colbert implicitly deny it. "Tex" Colbert insisted that automakers can still have a good year "as soon as we get over this psychological thing" of recession-minded customers. "Prices are only a part of competition," he said. "You just can't go along with supply and demand. You price over a long-range program." Chrysler tried smaller cars in 1953-54. They were shunned in favor of larger (and cheaper) models made by G.M. and Ford. Chrysler tried cutting prices...
From the other members of autodom's Big Three came equally chill words. Chrysler's Lester Lum ("Tex") Colbert sent word that in his view Reuther was proposing to "fight inflation by making a whole series of new inflationary demands." Ford's Board Chairman Ernest Breech, speaking in Nashville, said "giant labor unions, with unprecedented monopoly power." are putting a "steady squeeze on corporate profits and constantly increasing the price for goods and services...