Word: profitable
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Dates: during 1960-1960
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...economic outlook. Corporate earnings, which rose in the year's first quarter, are still below expectations or are slipping. Earnings are down in steel, autos and chemicals. But the drop is not general; some industries (oils and aircraft) are up, and some (food processing) are setting new profit records. Looking at the whole picture, many businessmen are shaving, curtailing or postponing expansion plans. Spending for new plant and equipment will be below early estimates in the fourth quarter...
...Little Cash. Webb & Knapp fired or demoted Freedomland's managers, cut operating costs from $40,000 to $25,000 a day, jumped adult admission charges from $1 to $1.50. In August, says the new management, the park made an average operating profit of $20,000 a day. But W. & K. is still stuck with 40% of the stock and $4,000,000 in unpaid construction bills-and the stock, issued at $17.50, has plummeted to a low of $6.25. To meet these bills, Bill Zeckendorf is preparing a plan for new financing, to save both Freedomland and Webb & Knapp...
...largest in Central America. The sale completed the financial legerdemain begun last February when Webb & Knapp bought the St. Regis for $14 million. Two months later it sold the hotel to Manhattan's Kratter Corp. for $11 million, kept operating control. Webb & Knapp's estimated profit on the St. Regis deals...
...Investments, Ltd. for $15 million. Last year Webb & Knapp bought 40 Wall and the land beneath it for $32 million, sold the land and the building to Metropolitan Life Insurance Co. for $20 million, retaining the lease. With the sale of the lease last week, Webb & Knapp's profit on the 40 Wall transactions is estimated...
Both figures are records for the 91-year-old company, and something of a milestone in an economy where a cost-price squeeze has cut many a business profit this year despite larger sales. Furthermore, President Murphy last week announced that prices of 17 of Campbell's 102 products are being reduced -and none increased...