Word: contractor
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...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...
...angriest running battle for control of a major U.S. movie company reached a climax last week. At a special stockholders' meeting, the management of Hollywood's infirm old lion, Loew's Inc., owners of Metro-Goldwyn-Mayer studios, outvoted the forces of Millionaire Canadian Contractor Joseph Tomlinson, Loew's biggest (5%) and unhappiest stockholder. By 3,449,446 ballots to 519,435, shareholders gave President Joseph R. Vogel a solid grip on his board of directors by increasing its membership from 13 to 19. Then they voted in nine management nominees to fill ten empty seats...
...prime example of the planemakers' dilemma was Seattle's Boeing Airplane Co., the Government's biggest defense contractor, with a $2.1 billion backlog of orders. Boeing faces the deferment of more than $350 million in payments due for the rest of fiscal 1958. If the Air Force sticks to its new schedule, and the company cannot expand its $100 million bank credit, Boeing will be forced into a major production slowdown, says senior Vice President Wellwood E. Beall. Boeing is already closing its 1500-worker plant at Everett, Wash.; it has chopped employee overtime, temporarily abandoned...
Against the Storm. The President and his Administration moved and planned, but not enough to still the storm of criticism across the land. "The basic reason we're behind the Russians," cried a major defense contractor, "is that we haven't gone all out." Electronics and airframe experts angrily recalled the casual attitude of Defense Secretary Wilson toward research and development...
...Executive Officer Michael J. Birmingham had been jailed "on charges of treason and sabotage." Listing other so-called "deviationists" and "disloyal leaders," the Union News ran pictures of two county officials under the caption WANTED. In an adjoining column Editor Keyser reported solemnly that a well-known Baltimore County contractor had "committed suicide by jumping into one of his own cement mixers" and had become "an integral part of the new wing on the County Court House." Said another story: LOCAL...