Word: cash
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Dates: during 1960-1969
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...committee last week approved President Johnson's proposal to eliminate the 25% gold backing now legally required for deposits held in the Federal Reserve System. But concern is growing in Washington that nations that have so far refrained from converting dollars out of consideration for the U.S. may cash them in for gold once the extra bullion becomes available-and thus send still more gold-laden truckloads rolling out of Fort Knox...
Moreover, since Congress normally would have to debate and vote on changes in the price of gold, many holders of dollars would rush to cash them in for gold. In theory, revaluation of gold could be prepared in secret by all nations concerned and announced simultaneously. In practice, economists believe, this might be nearly impossible to carry out. For all these reasons, President Johnson, in his Economic...
Widening Sales. Last year, quite aside from U.S. military aid, foreign nations paid $1.1 billion in cash for U.S. military hardware, about 40% of what the U.S. spent overseas in defense of the Western world. Now the Pentagon is widening its sales push to some 60 nations whose economies are strong enough so that they can help finance their own security. This year the program is expected to bring a 25% increase in orders for everything from missiles to navigation gear...
American Tobacco has had a keen taste for just such a company. Earlier last week President Robert Barney Walker announced record American sales ($1.2 billion) and earnings ($73 million). Such income swelled an already bulging cash drawer. At the same time, with cigarettes under medical fire and new brands proliferating, the major tobacco companies have been anxiously diversifying. Two weeks ago Reynolds announced that it would spend $100 million to buy Penick & Ford Ltd., Inc., a corn-oil refiner whose products include My-T-Fine desserts, Vermont Maid syrup and Cocomalt. Liggett & Myers last year paid $15 million for Alpo...
...quarter scarcely makes a year, but 1965 nonetheless seems destined to surpass 1964, when a record 1,958 companies increased their dividends and total cash payments rose to $19.8 billion. Reason: in addition to higher sales, most companies are retaining more earnings, getting higher investment tax credits and depreciation allowances, and benefiting from continuing corporate tax cuts...