Word: year-end
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...Five years old, commercial color TV seems at last to have established some sort of beachhead on the American economy, with a long way still to go. Since CBS has all but dropped its color programing, NBC has developed the field essentially alone, with its parent company RCA manufacturing all the color picture tubes sold in the U.S. Until recently, color was a loss leader for RCA, but in his year-end report last month Board Chairman General David Sarnoff cozily if vaguely mentioned color profits "in seven figures," and said that RCA color "has achieved the status...
...fourth-quarter and year-end earnings were reported last week, the news was not all bad, and in some industries it was surprisingly bright...
Despite the problems of surplus, the oil companies did well. Texaco's indicated fourth-quarter profits rose to $1.73 per share from $1.44, giving it a year-end profit record of $6.34 per share v. $5.85 a year earlier. Said Chairman Augustus C. Long: "New records were established in every phase of our operations." This year will be even better, he thinks, with U.S. demand improving 2% to 3% and overseas demand by 7%. Socony Mobil piled up indicated earnings of 96? per share v. 84? in the fourth quarter, for a year's total...
Though the country's imports shot up 14% last year, exports rose a mere 6%. In comparison, West Germany's exports rose 16.7%, France's 28%, Italy's 26%. Last week 13,500 British autoworkers were out of jobs, and the carmaking industry was operating at half of capacity. Despite a rush of "hot money" to London in the year-end flight from the U.S. dollar, Britain's 1960 balance of international payments showed an overall billion-dollar deficit...
Perhaps the most significant warning published by TIME this year is from Dr. Harold C. Urey in your year-end issue...