Facts & Figures

Red Light. The Federal Trade Commission ordered Willys-Overland Motors, Inc. to stop advertising that it had created or designed the "jeep." Said FTC: although Willys-Overland "made an outstanding contribution in its powerful engine as well as in other features of the vehicle," the credit belonged jointly to four companies--Willys-Overland, American Bantam Car Co., Ford Motor Co., Spicer Manufacturing Co. (now Dana Corp.)--and the Army.

On the Ropes. "The steel grey market is on the ropes," crowed Iron Age. "One more heavy punch will knock it out." Steel, which would have been snapped up a month ago despite fantastic prices, was now going begging, the magazine found. But it also found steel in the regular market as short as ever.

Expensive Experiment. General Electric Co. told why it could afford to cut prices (TIME, Jan. 12). On record peacetime sales of $1.3 billion in 1947, it had netted $95,298,940, highest in its 56-year history. But the margin of profit on sales was down (7.2% against 11.6% prewar). The experiment in price cutting, said G.E.'s Charles E. Wilson, will cut gross sales about $25,000,000 in 1948.

The Yankee Dollar. U.S. tourists spent $37,000,000 in the British Isles last year, topping all other single British sources of dollar revenues (textiles brought $36,600,000 and beverages $33,600,000). This year Britain hopes that the U.S. tourist trade will bring in at least $50,000,000.

Damaged Goods. Pyrene Manufacturing Co. (fire extinguishers) bought ads in newspapers all over the U.S. to deliver a solemn warning. It had just discovered that 500,000 small extinguishers it had sold might not put out fires. Reason: the chemical had gone bad. Advised Pyrene: have them replaced without charge.

Stepped Up. In 1947, General Motors Corp. had the best year in its history. With net sales of $3,815,159,163, its net profit was $287,991,373, better by $11 million than in 1928, best previous year. But the profit was down to 7.5% of sales v. 13% in 1939.

Public Stock. In a public sale, J. P. Morgan & Co. got about 600 new stockholders. Investors paid $5,700,000 for 25,000 shares of Morgan stock owned by the late Thomas W. Lamont. The sale raised to 33 1/2% the stock held by the public.

Hole Closed. The Bureau of Internal Revenue closed a tax loophole. Some commodity traders have been converting short-term capital gains (taxable up to 86 1/2%) into long-term gains (taxable at only 25%) by inducing brokers to postpone recording gains till six months after the transactions. The Revenue Bureau ordered brokers to record every transaction when made.

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