Word: generalize
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Dates: during 1940-1940
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This month, when the National Association of Manufacturers gathered for its annual Congress in Manhattan, its outgoing president, Henning W. Prentis Jr., of Armstrong Cork, bespoke the general uncertainty when he asked the Government to define the businessman's new role. A few at that Congress already understood that the best deal they could make with the Revolution was as men of skill and money, not of power. They sensed that their role in it was simply to make money-hard, sterile money, but money to which the world's only remnants of freedom were still attached...
...excess-profits tax and likely to grow more so. Government spending was multiplied; the 76th Congress appropriated more than $17 billions. Interest rates on capital continued to fall. The National Labor Relations Board underwent a personnel shakeup, but Wagner Act modification was less likely than ever. Government regulation in general, previously little more than a list of "Don'ts," began to turn into positive control. Every well-editorialized reason why Business should hold back was more conspicuous than ever...
...best represented by three giants: Du Pont, Chrysler, General Motors. Once a munitions-maker, Du Pont had diversified its business to the point where powder was less than 2% of its sales. Chrysler and G. M., too, wanted no part of the war as an investment. Each of these could have refused the unwelcome orders. None did. With bottomless resources, they could have expanded mightily into munitions, cleaned up for a few years. They did not do that either. Each mobilized its men and skills, agreed to build and operate munitions plants for a very nominal sum above cost...
...increasing its installed kilowatts by 1,380,000 net to 40,330,000. It also planned 6,076,000 new kilowatts for 1941 and 1942. The defense-conscious Federal Power Commission wanted them to up that by 1,500,000 kw. But the question was whether Westinghouse and General Electric, already swamped with defense business from a dozen other sources, could find enough skilled labor for such utility expansion...
Labor was first to explode publicly. Said Julius Hochman, general manager of potent I.L.G.W.U.'s Dress Joint Board (at a conference of labor and employers last week): "She insulted both our industry and the American women. . . . Unfortunately our industry is not organized sufficiently to meet such slurs, and there was no one to reply to this impudent insult." But there...