Word: papering
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Dates: during 1940-1940
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...quick to them and say: "Give me citizen paper today." I wave the flag for good...
...businessman never loved dollars as metal or paper, in the grim, sensual way in which Frenchmen loved francs. The U. S. businessman, in the days before the Revolution, was George Babbitt, a booster-a booster because he was a believer. He believed in money because it represented something else: power, as some called it; freedom, as others called it. Power, freedom and money were an indivisible atom. Therefore, dollars mattered...
Rubber could no longer be taken for granted in 1940. Standard Oil and Goodrich built plants to make synthetic rubber (which is no trick) and to make it cheaply and in tonnage (which is). Meanwhile, among hundreds of unsung corporate pioneers, Champion Paper & Fibre made newsprint from Southern pine, and Dow Chemical extracted magnesium from the sea water that laps Freeport, Tex. What may yet prove the year's most useful discovery was less romantic: at South Bend, Studebaker was testing out a turret-lathe that could turn one shell a minute...
Despite the production boom, stock prices never have climbed back to the level from which the Lowlands Blitzkrieg toppled them last May. Thus many a shareholder had paper losses this month on stocks bought before the May collapse. To deduct them from his 1940 taxable income, he had to sell the shares, turn his paper losses into real ones. He then could deduct his short-term losses (on securities held less than 18 months) from short-term profits taken on other transactions this year, carry any net loss over to deduct from next year's short-term profits...
Added to tax-loss selling last week was a new December phenomenon: sales to take profits on stocks which had moved up. Since any change in income taxes would be upward (to pay for the defense program), investors with large paper profits hastened to cash them in at the 1940 rate...