Word: weekes
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Dates: during 1940-1949
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Wall Street's young bull market kept right on growing. On three successive days last week, trading topped 2,000,000 shares, making it the most active week since the big rise of May 1948. The Dow-Jones industrial average rose 3.37 points to 198.05, the highest since August 1946. Most spectacular rise: Superior Oil Co. (California) which in three days jumped 69½ points to 227 on the news of a plan to split it into two gas & oil companies. Wall Streeters now expect the next test of the market at 200. If the bull gets over that...
Nobody had to read far to find out what the announcement meant: "Subsidiaries of United States Steel Corp. have announced today new mill prices . . ." Thus last week did Big Steel's President Benjamin F. Fairless give his answer to the $100-a-month pensions won by the C.I.O. Steelworkers only five weeks before (TIME, Nov. 21). Because of higher operating costs, said Fairless, the company was raising the price of steel by an average of 4%, i.e., $4 a ton. Other steelmen scurried to their adding machines to figure out new price schedules themselves. But by week...
...like the $80 million-a-year increase in their steel bill, especially in the light of steel profits. In the first nine months of 1949, U.S. Steel netted $133 million, 50% more than in the same period in 1948. And so far as Ben Fairless could see last week, the future looked rosy. Operations of Big Steel, he said, should continue at 100% of capacity for another six months, then slip off to perhaps 85%. To some it looked suspiciously as if Big Steel, trying hard to make up the profits lost during the strike, was raising prices temporarily because...
...Lufkin, Texas (pop. 22,500), one cold night last week, 900 citizens jammed into the high-school gymnasium. There, over a $6 roast beef dinner, they listened to some famed Texans (including U.S. Senators Tom Connally and Lyndon Johnson) praise a fellow Texan in terms extravagant even for the Lone Star State. Said ex-Governor William P. Hobby: "He is the kingfish of free enterprise." Added Governor Allan Shivers: "He is Mister East Texas...
...population. But the Kurth achievement that most East Texans boast about, and the one that is of prime importance to the Southern economy, is newsprint. Set up only nine years ago as the South's first newsprint producer, Kurth's $18 million Southland Paper Mills, Inc. last week was rolling out enough newsprint (132,718 tons last year) to supply some 70% of Southern newspapers, and was grossing $15 million a year...