Word: cash
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Dates: during 1960-1969
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...being pinched by the money squeeze - and how badly? The victims are mostly the risky "marginal" borrowers. Many lenders are rejecting youngsters facing the draft, chronic job jumpers, families already loaded with debts. Almost every other consumer, however, can still find a friendly lender ready to advance cash for furniture or appliances, which is one reason why color TV sales continue to run at double last year's record...
Pressures: Easing. Businessmen seek ing credit to buy other companies, spec ulate in real estate or build up inven tories are having a tough time. Few lenders anywhere seem willing to take on new corporate customers, and many now insist that companies keep hefty cash balances on deposit if they want credit. It is getting harder to keep those deposits up. Last week corporations made their quarterly income tax payments, and because of the speedup in collections this year, the bill came to $8.7 billion, nearly 17% more than last year. Partly to pay their taxes, and partly to finance...
...business in a big way, threw a huge party for the entire staff at his home. Used to the penuriousrress of the Endowment, Chroniclers came away awed by visions of the future. But Mecom, who boasts some $500 million in assets, still needed to raise the rest of the cash to complete the deal. Before he could, something happened...
...turned down by at least one bank on his loan application. In an effort to raise funds for the big deal, he started looking for a buyer for the Chronicle. With a signed contract to sell the paper, so the story went, he could easily borrow the cash he needed to pay off the Endowment...
...registering with the Securities and Exchange Commission to put on the market 760,000 more shares, worth $21.8 million at the June 10 close of 28¾. If he decides to sell all that, he will be left with less than 1% of the company-and a lot less cash than if he had sold off a few years ago. As A. & P. sales have shrunk slightly under tough competition from brighter chains, its stock has slid from a 70½ high...