Word: tourister
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Dates: during 1960-1969
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...palms in 1955. Bostonian Sumner Smith, who got title to the Swans by default in 1950 after his partners in the trading company dropped out. says: "Maybe, some day, somebody will think of something to do with them." Though lined with lovely beaches, the islands are far off the tourist track and have almost no fresh water. In their spare time, the recent U.S. explorers collected butterflies, iguanas and a variety of legless lizards. They found no swans, however; the islands take their name from an English pirate, and swans are as hard to find there as Honduran settlers...
...time. Yet the line could not make the long-haul run pay off. Its year-round traffic estimates were too optimistic: its stations in four Florida cities cost more than they were worth, and it failed to push coach service, stuck to an 80%-20% first-class-tourist ratio while its competitors reaped the benefits of mass travel. The company's one small nod to economy last week: a 10% cut in salary for 18 top officers, for a saving of $40,000 a year, or about 1 10 of 1% of Capital's debts...
...nuclear lab completed. Dowling's City Investing has pumped another $1,000,000 into an international research building for other companies to try on a rental basis before making a full commitment. Next week, to lure more potential customers to view Sterling Forest -and incidentally turn a tidy tourist profit-Dowling will open the world's most lavish tulip garden with 1,500,000 bulbs planted over 125 acres...
Subdividing the Air. Hottest properties are cooperative apartments, which can easily be turned into hotel space to meet the tourist invasion. One of the most successful builders of co-op apartment hotels is Kepokai (Hawaiian for pounding sea) Choy Aluli, 36, a lawyer who turned to real estate after he flunked his bar exams and was twice defeated for public office. Aluli saw the hotel boom coming in 1954. But when he tried to build a hotel, he quickly learned that high land cost and tight mortgage money made it difficult for a small developer to operate. He turned...
...Tourist-Based Boom. There seem to be plenty of tourists to go around. Already all the hotels on the islands are well booked for the 1960 summer season. Last year 243,216 tourists spent $101 million in the islands, a 22% increase over 1958. Existing hotels are expanding (e.g., Henry Kaiser is adding 425 rooms to his Hawaiian Village), but not fast enough to satisfy the demand. Expansion in Hawaii is a costly undertaking because of the island's unique land situation. The federal and state governments own 42% of all the land, while 60 families own another...