Word: first-half
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...ended, the atmosphere was vastly different from what it was as the year began. Almost every economic indicator pointed upward, and business was better than it had been all year. What was the outlook for 1955? For the first six months, better than ever. Beyond that, the economic weather was not so clear. But there was hope that if the first-half upsurge continued, 1955 would be the best and biggest business year on record, with a gross national product of perhaps $370 billion, up 4% from 1954. Some of the goals...
...goes the economy. Looking at the charts last week, economists brought up on the old business axiom might have been puzzled by what they saw. Steel production, long the prime index of U.S. economic health, was down to a bare 62% of capacity, some 8% lower than the first-half average and 30% below the 1953 July level. But while steel lagged, the economy as a whole was still racing along at a near-record level. In Washington, the Federal Reserve Board announced that its overall index of industrial production, while off from its peak, was still...
...Pittsburgh, the money-losing (first-half loss: $414,511) Follansbee Steel Corp. announced a two-way deal to dispose of both its corporate shell (i.e., big-board listing and cash) and its physical assets to two separate groups, one headed by Murchison and the other by Manhattan Machine-Tool Maker Frederick W. Richmond. For some $9,000,000 cash, Richmond will buy up Follansbee's steelmaking plants, warehouses and inventories, continue to operate the company. Follansbee's corporate shell (with $9,000,000 in the till and no plants) will then merge with two profitable Murchison firms: Chicago...
...million. But Chairman Benjamin F. Fairless predicted that demand for steel would pick up late this month or in September. Chicago's Inland Steel, which concentrates on basic steels rather than high-cost alloys, announced alltime highs in second-quarter production (102.6% of capacity) and first-half earnings ($19.4 million). Bethlehem Steel's Chairman Eugene G. Grace also reported profits 7.8% ahead of a year ago ($31 million). Grace went on to confirm reports that Bethlehem, the country's second largest steelmaker, was talking merger with the sixth largest, Youngstown Sheet & Tube (TIME, Aug. 2). The announcement...
...drop was in steel, where production has been sharply cut. Allegheny Ludlum's profit was down 65% to 44? for the second quarter, Youngstown Sheet & Tube's down 39% to $2.71 for the half, and Republic Steel's first-half earnings of $4.01 were...