Word: cash
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Dates: during 1950-1959
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...Penn-Texas Corp. last week was forced to 1) omit a quarterly dividend on preferred stock, 2) sell a major subsidiary, Industrial Brownhoist Corp. of Bay City, Mich., one of the first companies in the Silberstein empire. An undisclosed buyer picked it up for $3,000,000 in cash-half of what Penn-Texas paid for it in 1954. Other subsidiaries that will probably go up for sale before the end of the year: Liberty Aircraft Products Corp. of Farmingdale, N.Y. and radiomaking Hallicrafters Co. of Chicago...
...during the proxy war (TIME, March 25). Since the Sarlie loans on 40,000 of the shares guaranteed a $53 market value per share, the F-M market price of $40 last week meant that Penn-Texas had been forced to tie up at least $520,000 in ready cash to oblige just one creditor. Sarlie loans on another 40,000 shares, guaranteed at $43, have tied up $120,000 more...
...Braves also received outfielder Ed Haas and gave up southpaw pitcher Taylor Phillips and catcher Sammy Taylor. No cash was involved...
...player shuffle, onetime Yankee Billy Martin sounded off with his customary ballfield belligerence. "They say six clubs were after me," said Billy. "If I was key man of the swap, I want a piece of the profit." Even though Billy stands small chance of collecting any cash, Detroit General Manager John Mc-Hale happily egged him on. "Keep talking," he told Billy-for an infield holler guy is just what the lackluster Tigers need...
...float," i.e., uncollected checks in transit between commercial banks, for which bankers get an automatic Fed credit. This was used by mem ber banks to cut their debt to the Fed by $158 million and made possible further borrowings from the Fed, thus could give banks more cash to lend...