Word: first-half
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Larry Goldsborough led the Ithacans'' fast-break attack, scoring four first-half baskets with his one-hand jump shot. six-foot-four inch Fred Eydt also did some clever outside shooting, but the man who saved Cornell's victory was Gerwin, who sank eight out of ten foul shots...
Still, the creeping recession had not yet crept all over. Detroit was riding high, with the auto industry driving for its biggest postwar year. Last week Chrysler Corp. came up with record first-half earnings of $6.12 a share...
General Motors, one of the biggest single U.S. employers, was acting as if it had never heard the word "recession." First-half profits hit an astronomical $303.7 million, 46% above 1948. The reason: as steel became plentiful this year, G.M. was able for the first time since the war to push its production throttle to the floor board. G.M. intended to keep it there: next week, Chevrolet's Flint plant will add an extra shift to step up production from 480 cars a day to 680. In 1949's second quarter, G.M. had already broken all previous quarterly...
Although the steel industry had been Gloomy Gussing for weeks as its production rate sagged and its backlog of orders thinned, first-half earnings for many companies were the best in history. U.S. Steel's $94 million net was up 76%, Bethlehem's $59.9 million a shade less than 100%. But Bethlehem's Chairman Eugene G. Grace, who first warned against slackening steel demand six months ago, now said: "We have been living on our accumulated fat ... and it is getting thin...
...first-half earnings began to come in, they showed the expected drop, in profits from 1948, when inflated prices were at their peak. But they still looked healthy. The General Electric Co., which had been among the first big companies to cut prices and had already felt the sales slump in household appliances, was possibly a bellwether of how good "normal" might be. G.E.'s President Charles Wilson reported a second-quarter net of $19.8 million, down 32% from the same 1948 period. However, profit was more than 100% above G.E.'s earnings of ten years...