Word: contractor
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Dates: during 1950-1959
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Slight, pink-cheeked Robert E. Gross, board chairman of Lockheed Aircraft Corp. (prime contractor on the Navy Polaris), registered the common complaint that Government agencies, bureaus, committees, staffs and boards interfere with quick and able decisionmaking. Contractors, he declared, are "bogged down in a labyrinth of advisers advising advisers ... We are often 'helped to death' by the hierarchy of Government agencies." Conflict-of-interest statutes defeat the Government's opportunities to hire the most able civilians for key posts. "We really cannot ask people to come down to Washington as experts for a problem as long...
Rare Marriage. The Atlas-or "The Bird" to missile workers-is the most spectacular of the new weapons produced by General Dynamics, which has rocketed out of obscurity in a single decade to become the second biggest U.S. defense contractor (after Boeing) and by far the most wide-ranging...
When Millionaire Contractor Matthew H. McCloskey sold his Philadelphia Daily News (circ. 192,401) to the Philadelphia Inquirer's Walter H. Annenberg last week, no one was more surprised than the News's publisher, David ("Tom") Stern III. Since taking over management of the ailing Democratic tabloid a year ago (TIME, Jan. 7), Philadelphia-born Tom Stern, 48, had cut its losses from $225,000 a month to $40,000 a month, and estimated that it would lose no more than $200,000 in 1958. "Given a reasonable amount of time, we would have had an independent...
...Democratic Party's longtime National Treasurer Matt McCloskey capitulated? Though neither the civic-minded Inquirer (circ. 609,350) nor Robert McLean's quietly thorough afternoon Bulletin (circ. 718,007) paid more than cursory attention to the sale, the answers seemed clear enough. Hard-headed Contractor McCloskey, who had pumped some $5,000,000 into the News in his three years of ownership, was unable to resist Annenberg's offer to buy the rising paper, lock, stock and debt. Said McCloskey: "It was an expensive luxury...
...further in the final quarter; higher production costs had trimmed paper-company profits by 20% to 30%. In prospering Alberta, a slump in both domestic and export sales of crude oil cut scheduled November production to the lowest rate in 2½ years. Drilling was off, and one drilling contractor reported: "One third of our rigs are down and the others are not making any money." And prairie farmers counted their losses in millions of dollars when early storms dumped a foot of snow on fields of unharvested wheat and sugar beets...