Word: timber
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...Bill pays himself $125,000 a year; Architect Alfred, who owns the other 50%, draws the same. Father Abe, who now spends his time landscaping, is paid $60,000 for being what some Levittowners call "vice president in charge of grass seed." From outside interests (e.g., the California timber stands and two country clubs which are operated in connection with the Levitts' more expensive Strathmore developments) the brothers get another $150,000 a year apiece. And when they sold 4,028 of Levittown's rental houses (leaving them only 1,600 rental units) to Philadelphia's Junto...
Next day, Wall Street's bears began running for the tall timber. As they started covering their short sales, the market rose. Not only did the Dow-Jones industrial average hit a new high of 225.17, but the New York Times index of 50 stocks, which up to then had not broken through its 1946 high mark of 148.50 (TIME, June 5), shot up to 148.53. This new breakthrough started a new rush to buy. By week's end the Times index had risen to 150.35. This week the rising Dow-Jones industrials hit 228.38, the highest mark...
Only a few weeks ago the Labor government had held out no hope of increasing the ration. Extra petrol meant spending extra dollars, since 36% of Britain's supply must come from U.S. companies, and spending dollars meant going without timber for houses and food for lunch. The government, many Britons knew, had been busy since last November with some sort of negotiations with U.S. oil companies, but the only result seemed to be a decision to cut dollar-spending even more. Then, one day last week, Fuel Minister Philip Noel-Baker rose in the House of Commons...
...didn't bother to take out a city permit (which would have called for inspection of the job) or to bring timber to shore up his shaft. He just ripped up a patch of concrete flooring near the garage's main support pillar and began to dig. At 18 feet, as he was trying to dislodge a big rock, a cave-in buried him up to the waist in loose sand and gravel. When he tried to wriggle out he discovered that he was trapped; his right leg was doubled beneath him and pinned immovably by the boulder...
Expendable Resources. The timber industry had undergone a revolution: logging in 1950 would send an oldtime Wobbly or an oldtime "bull o' the woods" lurching off to consult an oculist-or a bartender. The steam donkey, the logging locomotive, the oldtime logging camp had all but faded out; Caterpillars crashed and thundered through the fir jungles, yanking new-cut logs along, and truck &. trailer rigs took them to the mill. Loggers still wore "tin" pants, calked boots and red hats, but they felled trees with power saws, lived in town, and rode into the woods on buses...