Word: cash
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Dates: during 1960-1969
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...rights organizations are feeling a financial pinch-largely because donors let down after passage of the civil rights bill while operating budgets keep rising. The civil rights balance sheet, according to leaders of the five largest organizations: > The Student Non-Violent Coordinating Committee (S.N.C.C.) is currently so low on cash that it has cut all salaries in half (even those of $10-a-week workers in Mississippi). Officials insist that the problem is an annual one, caused in part by the fact that potential contributors are still paying Christmas bills. A victim of growing pains as much as pinched purses...
...Charles de Gaulle last week proclaiming that the primacy of the dollar in international dealings was finished, calling for an eventual return to the gold standard -which the world's nations scrapped 50 years ago - and practically inviting other countries to follow France's lead and cash in their dollars for gold. It was a particularly nettling irritant just as the U.S. was deeply involved in making some hard decisions about its monetary policy...
...Among cash-rich oil companies, realty investment has become a major sideline. In partnership with Contractor Del Webb, Houston's Humble Oil is erecting a satellite city next to the NASA Manned Spacecraft Center (for which Humble cannily donated the land). Gulf Oil guaranteed a $20 million bank loan to the developer of the new town of Reston, outside Washington, in exchange for gas-station sites, and made a similar deal with another builder near San Francisco. Union Oil owns a 45% interest in a firm planning a big community in Simi Valley near Los Angeles...
With record sums of cash in their coffers, even the staidest corporations are discovering the attractions of real estate development, the traditional province of the speculative entrepreneur. Railroads have long held huge chunks of the U.S. landscape and companies everywhere own land for plants and offices, but the companies now moving into real estate are involved in land and construction ventures that go well beyond the scope of their primary business. "The major fortunes in America have been made in land," says Morton A. Sterling, president of Sunset International Petroleum Corp. "There's no reason why corporations...
...spaces, land development is not only spreading farther from downtown but growing in scale. The old-style developer, rich in imagination but thinly financed, can scarcely afford to participate today, at least not without wealthy partners. As long as the tax rules make real estate an enticing way to cash in on the population boom, more and more well-heeled corporations are likely to take the plunge...