Word: three-year
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Smaller companies paint an even gloomier picture. Of Jones & Laughlin's current three-year $230 million expansion, only $90 million is available from retained earnings and another $90 million from depreciation, leaving $50 million which must be borrowed. As it is. says Chairman Ben Moreell. the company held dividends to 62½? per share on record first-quarter earnings of $2.09 per share, with the rest going into expansion. Expansion beyond the next few years will be even tougher for steelmakers. Entirely new plants must be built from the ground up, at as much as $350 per ingot...
Furry's trial had been tentatively set for May 21, two days after his three-year probation period, set by the Corporation in 1953, will expire...
...Putting its new "get tough" policy into effect with a vengeance, the National Collegiate Athletic Association handed down stiff penalties to six member colleges for a wide variety of recruiting violations. Hit hardest, Auburn was put on three-year probation, forbidden to participate in N.C.A.A. championship and invitation events for two years, forbidden to participate in the N.C.A.A.'s nationally televised football series. The Universities of Florida and Louisville drew two years' probation apiece; Texas A. & M., Mississippi College and the University of Kansas all drew a year in the penalty...
...according to the survey, there were 99,000 jobs (reckoned in man-years) available for musicians. Then in one three-year period, some 18,000 silent-movie houses were wired for sound, and by 1940, there were only 79,000 jobs. During the war, a federal tax of 30% (now 20%) was levied against all places featuring entertainment and/or dancing, and hundreds of such places folded forthwith; so by 1954, there were only 59,000 jobs. Recordings, spinning off the presses in multimillions, create lucrative jobs for a comparatively few musicians in a few centers, but are pushing live musicians...
Another Iron Curtain country took an obliging bite out of Canada's Worrisome wheat surplus last week. Shortly after Soviet Russia had signed a three-year contract to buy 100 million bu., Czechoslovakia placed an order for up to 11,800,000 bu. Poland had already ordered 12,950,000 bu., and Hungary was reported ready to buy some 3,000,000 bu. Prospects looked good that Canada would unload nearly 15% of her wheat surplus to Communist customers...