Monday, Jun. 22, 1959
OWNERS OF STOCK now total 12,490,000, or 45% more than in 1956, reported the New York Stock Exchange. One of every eight U.S. adults owns stock. Women own 52.5% of all shares.
NEW COMMERCIAL JET will be built by Douglas for short to intermediate (up to 1,500 miles) range, and 1963 delivery. The DC-9 will have four Pratt & Whitney turbo-fan engines, carry 68 first-class passengers at 600 m.p.h. Probable delivery price: $3,000,000.
FORD THUNDERBIRDS are flying high with output at 50,000 thus far in model year v. 37,900 for entire 1958 model year. Despite full production at rate 80% higher than last year, T-Bird backlog is more than 7,000 cars.
HIGHEST PAID EXECUTIVE in U.S. last year was Bethlehem Steel Corp.'s President Arthur B. Homer, who received $511,249 in salary and bonuses, after a $112,087 cut from 1957 pay. General Electric Co. Chairman Ralph J. Cordiner was second, with earnings of $399,999. Next three places went to other Bethlehem Steel top executives, each of whom received $394,322.
TIRE PRICE FIXING was charged by FTC against 15 tire and tube manufacturers who account for virtually all of the industry's $2 billion annual sales volume. FTC alleged that the Big Four--Goodyear, Goodrich, Firestone, U.S. Rubber--and others set up zoned pricing system on tires and tubes, which deprived purchasers near production plants of transportation cost savings.
U.S. SAVINGS STAMPS will be offered for soap-product coupons by B. T. Babbitt, Inc. (Bab-O, Glim, Red Devil Lye). Housewives will receive coupons in 5-c-, 10-c- and 15-c- denominations attached to products, must mail them in exchange for 25-c- savings stamps.
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