Word: borrowings
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...bank credit. Though much of the financing comes from European banks, many economists and executives contend that heavy loan demands from the merger candidates help keep the U.S. money supply tight and make it more difficult for a small business to finance new machinery or for a family to borrow money for a new house or automobile. Says W. Martin Dillon, chairman of Northwestern Steel and Wire Co: "The merger trend and the competition for capital it entails are probably helping to keep interest rates...
...handle; of following a kind of Maginot Line "firepower attrition" strategy rather than preparing for a war of maneuver; of training officers in the techniques of bureaucratic management rather than the history and art of warfare. Their central point: the Pentagon can spend every dollar the Government can tax, borrow or print, and still lose battles with the Soviets?or even the Iraqis?unless it changes its ways...
...coveted companies moved swiftly last week to protect themselves from a takeover. Cities Service has lined up $1 billion in standby credit, possibly to enable it to buy back a chunk of its own stock in the event of an unwanted merger bid. Marathon Oil has arranged to borrow up to $5 billion. Analysts think that Marathon might be preparing to buy another company and thus become too big to be easily swallowed. Even Gulf, the fifth largest U.S. oil company, announced a plan last week to protect itself by buying up 5% of its own stock...
...Pont will have to borrow $3 billion to finance the purchase, which would more than double its debt load, and some observers think that Conoco might be too much to digest. Du Pont has a reputation for being a tightly run company that frequently shifts managers between product lines to give them broader experience. Asserts Thorn Brown, an analyst with the investment firm of Butcher & Singer: "There's no easy way to integrate Conoco into the Du Pont operation...
Consumers are now reaping the benefits of the money-market funds, but what effect is that having on the consumer's ability to borrow money to buy, refinance or build a house? For years the savings and loan institutions have provided most of the money for housing. However, the continued threat from the new funds has all but ruined the thrift industry, thus eliminating for millions of Americans the opportunity to participate in the real estate market...