Monday, Dec. 06, 1954
CHRISTMAS SHOPPING is starting off with a rush. Washington and Boston department stores reported record crowds, with some store sales last week--the traditional kickoff for Christmas buying--up 30% over last year. New York stores were packed; Atlanta's big Rich's department store had the greatest single-day volume in its 87-year history; and a record turnout of 800,000 shoppers jammed Chicago's Loop.
TOBACCO WAR between the industry and the American Cancer Society is flaring up again. E. A. Darr president of the R. J. Reynolds (Camel, Winston, Cavalier) Tobacco Co., has flatly charged the society with trying to destroy the industry by claiming a link between lung cancer and smoking.
CHRYSLER'S new models are going over so well that fourth-quarter production schedules have been upped by 30,000 cars (to 280,000). New orders, said the company, are flooding in at the rate of 10,000 a day. Total order backlog: 350,000 cars.
MADAGASCAR URANIUM boom has the Paris stock market soaring. Two companies (Minerals de la Grande He, Fonciere du Sud de Madagascar) are now shipping refined ore to France from deposits discovered in 1952, estimate that production will climb from 15 to 200 tons by next year. On the Paris market, Minerals stock has zoomed from $9 to $122 a share since January.
TEXTILE MERGER between Textron Inc., American Woolen and Robbins Mills (TIME, Aug. 16) has finally been approved by the directors of the three companies. Textron will be the surviving company, but will change its name to Textron American Inc. American Woolen stockholders will exchange their preferred stock for Textron bonds and their common for Textron common at the rate of one share of American for two of Textron. Robbins stockholders will exchange one share of common for one share of Textron common.
PRIVATE POWER won another round in the fight over whether the Idaho Power Co. or the Government will develop the Northwest's turbulent Snake River (TIME, May 18, 1953). Lawyers for the Federal Power Commission, which must approve any project on the Snake, have recommended that the Idaho Power Co. be given the job because it will produce almost the same amount of power (although much less flood control) at one-third the cost.
NEGRO HOUSING PROJECT in New Orleans will be one of the biggest and most luxurious Negro developments in Southern history. Pontchartrain Park Homes, Inc. will soon start work on a $15 million, two-year project to build 1,000 modern homes around a community park with an 18-hole golf course, swimming pool and stadium. Price range, which reflects Negroes' improved economic standing: $10,000 to $25,000, with many houses including air conditioning.
SHIPPER ARISTOTLE ONASSIS is in for more stormy weather. The U.S. Government is moving to repossess the 16 surplus tankers that Onassis bought from the U.S. and is suing for $20 million that it charges he made illegally on the deal.
CANADIAN NATURAL GAS may be piped into California under a plan being worked out between Canada's West Coast Transmission Co., Ltd. and the Pacific Northwest pipeline Corp. West Coast Transmission, whose plan to supply Washington and Oregon with Canadian gas was turned down by the FPC last year (TIME, June 28), hopes to build a pipeline from British Columbia straight through to California, where it will connect with a second line built by Pacific Northwest coming up from New Mexico and Colorado's San Juan field.
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