Word: cash
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Dates: during 1950-1959
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...over last year. For nightclubbers, the best bargain is Paris' Lido, Europe's splashiest nightclub-$6 for a three-course dinner, a half-bottle of champagne and a nude (from the navel up) chorus line. Every small town is making a bid for some of the tourist cash, and theatrical and musical festivals will ring all over France through mid-September. Among them: the Chamber Music Festival at Prades (July 15-Aug. 1), the International Music Festival at Aix-les-Bains (July...
...President Robert H. Morse Jr. played a delaying game. He won a court injunction barring Silberstein from voting his stock on the ground that the purchases through Swiss banks had been illegal, suspected that if Silberstein did not get control of Fairbanks, Morse he would have trouble raising the cash to pay for his F-M stock. His calculation proved right. Silberstein began peace talks two weeks ago; last week he signed a pact that was a clear victory for Morse...
...week in tiny Cresson, Pa. (pop. 2,569), four days before the peace pact was signed, the Penn-Texas stockholders sharply questioned Silberstein's tactics in the Morse fight. They cited the protective committee's report that Penn-Texas stock had dropped from $19.62 to $11.25, that cash dividends dropped from $1.30 in 1955 to 35? in 1956, with none in sight...
Investors refused to bite; the issue was a flop. Last week the Treasury revealed that $1,167,000,000 worth of the maturing notes were turned in for cash, the biggest percentage rate for any Treasury issue in six years. Furthermore, investors showed an overwhelming preference for the short-term certificates, thus foreshadowing further Treasury trouble in floating long-term issues...
...Treasury alibied that many of the maturing notes were held by corporations that need cash to meet their June 15 tax payments. But the fact is that many corporations feel that they can invest their money at better returns in non-Government securities. If the Treasury hopes to carry off its refinancing program successfully-and $28.5 billion in short-term notes will become due this year-it will probably have to boost its interest rates. In any case, it can expect little help from the Federal Reserve Board. In accordance with its independent policy, the Fed did not lift...