Word: cash
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Dates: during 1950-1959
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Franco's real need was hard cash to back his paper money, and last week it drove him to something unprecedented in his 20 years as dictator. He had some soft words for that arch villain of a hundred speeches, Soviet Russia. While Spaniards listened in astonishment, Franco declared: "Once Russia halts her persecutions, threats, and subversive actions toward other nations, there will be nothing against Russia as a nation or Russians as a people...
...Cash Needed. Where the steelmen will get the funds in the tight money market was another question. Last week Lukens Steel Co. produced an idea: it plans to finance its $40 million expansion program through 20-year loans from General Electric Co. and other big customers. Most other steelmen will probably depend on earnings to finance the new plants, are expected to boost prices to get the extra cash they need. At week's end U.S. Steel, Bethlehem and Inland Steel hiked prices 1% to 4% on specialty items for the second price rise in six months...
...Industry Gets the Cash It Needs...
...McCall's and Redbook, announced a 50% cut in its quarterly dividends from 30? to 15?. Though McCall's revenue was up $6,000,000 in the first nine months (to $46,116,539), earnings were down 16% to $758,276. McCall said it was saving cash "to finance future growth." What the company did not say was that the dividend cut was the work of a strong new hand that is guiding McCall...
...stock, enough to have eight men of his choice put on the 16-man board three months ago. Although Simon insists he does not have corporate control, this stock gives him what he calls "a substantial interest and influence." Convinced that McCall needed to cut its dividends and use cash to expand, Simon easily persuaded the board to agree...