Word: bargainers
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Dates: during 1950-1959
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...business machining brass and aluminum parts. World War II's demand for aluminum plane parts spread his company over four small plants. At war's end, when the $8,000,000 Bohn Aluminum & Brass war plant at Torrance, Calif, became surplus, he snatched it up at a bargain, has since become a key supplier for the aircraft industry. Harvey claims his company now has a net worth of $9,000,000, employs 1,000 people, processes 2,000,000 Ibs. of aluminum a month...
Last year, the Revenue Act of 1950 offered a partial solution to the puzzle. It permitted corporations to give executives options to buy stock at bargain prices (usually at 85% to 95% of the market price). If the executive sold the stock after holding it at least six months, his profit would be taxed at the low capital-gains rate of 25%. This meant real income for anyone in the surtax bracket. In the past year, more than 100 corporations have adopted stock option plans...
...Spokane, some 3,500 curious and bargain-hungry citizens turned out to watch the Government auction off the house and effects of mobdom's tax delinquent Virginia Hill. The house was knocked down to a local salesman for $30,237, just $237 more than the Government's minimum selling price. Some 1,800 odds & ends brought a total of $14,992, including Virginia's own little .25-caliber pistol with a clip and a couple of shells for $36; a ruby-studded wedding ring intended for her marriage to the late Bugsy Siegel, which went...
...Picasso. Barnes followed Glackens to Paris, nosed around junk shops, Montparnasse cafés and studios, haggled with dealers, developed an unerring eye for a bargain. His first Picasso cost him $20, his first Matisse $50; both pictures are now valued at about $20,000. He found a $40,000 Henri Rousseau in a Paris jewelry shop, paid $10 for it. Other of his treasures came higher. In 1942, after 29 years of coveting it, he paid $175,000 for Renoir's magnificent Mussel Fishers at Berneval. At that time, with a collection of some 200 Renoirs, 100 Cezannes...
...also oil and gas. Although Humble Oil & Refining Co. has put down 14 dry wells on Matador land, hope stirred anew when the big oil strike was made in Scurry County (TIME, Dec. 5, 1949), only 90 miles from Matador. Dundee's thrifty owners drove such a Scottish bargain that they made Lazard Bros, agree that if oil or valuable minerals are subsequently found on Matador's ranges, the new owners will share their royalties 50-50 with the sellers...