Word: millions
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Dates: during 1960-1960
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...BILLION EXPANSION program was announced by American Telephone & Telegraph Co. for 1961, second largest outlay in company's history, only $100 million below 1960 record. Chief new projects: launching an experimental communications satellite in a north-south orbit over the Atlantic to transmit telephone calls and TV between North America and Europe, and expanding the Data-Phone facilities, by which computers can communicate with one another over regular telephone lines...
...rolling 120 acres outside Buffalo last week, engineers started planning the construction of a $12.5 million apartment hotel and a cluster of small cottages, to be called Rockledge. It will have a pitch-and-putt golf course, lawn bowling, shuffleboard, roof garden, sun deck and an infirmary offering 24-hr, medical service. What sets Rockledge apart from other hotel projects is that it is designed to house only retired people-at a profit. Prices will start at $8,000 to buy a living room-bedroom apartment, plus a $112.50-per-person monthly charge for meals and maintenance. The builders...
Exploding Market. The number of private projects to provide housing for the elderly is growing fast; Social Security payments and company pension plans make it possible for more and more of the retired to live in such developments. One-fourth of the 15.5 million U.S. citizens over age 65 receive between $1,000 and $2,000 a year from Social Security and pensions. Their ranks will swell as pension plans expand and the number of those over 65 soars to 20 million by 1970. Recognizing the possibilities, the Federal Housing Administration has given the housing projects a boost; it guarantees...
...average of 83% capacity, and profits are down in the cost-price squeeze. Harvey has been operating at 100% capacity all year, this week reported record profits of $5,000,000 for the fiscal year ending Sept. 30, despite the fact that sales slipped 1.1% to $59.7 million...
...young company's biggest problem was assuring a steady flow of raw aluminum for its fabricating plant. In 1955 that problem was solved when the Government, which wanted to increase aluminum capacity outside the Big Three, guaranteed a $40 million bank loan to Harvey. To assure Harvey a market, the Government also agreed to buy up to 54,000 tons a year for five years, beginning in 1959, of Harvey's primary aluminum output for U.S. strategic stockpiles. Since the reduction plant's capacity is only 60,000 tons a year, this was a healthy demand-cushion...