Word: cash
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Dates: during 1960-1969
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Every Friday at sundown, the telephone operators at Tel Aviv's sleekly modern Hotel Deborah close down the switchboard. Guests at writing desks in the lobby put away pens and snuff out cigarettes. Desk clerks lock up the cash register. For the Orthodox Jew, all servile work is forbidden on the Sabbath -and the rule is strictly observed at the Deborah, the world's largest strictly kosher hotel...
Coming due this year are debts of $55 million-indeed, $31.9 million are already overdue. To cover them, according to last week's report, was a bare $1,000,000 in cash and $6,000,000 in accounts receivable. Up to now Zeckendorfs creditors carried him along in hopes of recovering their loans. How long will they continue to do so? On the American Exchange, Webb & Knapp was down to 37½? a share, a third of what it sold for last year...
...Deak's business; his plumpest profits come from the active shufflings of currencies in crisis. "Whenever countries are not stable," says Deak, "their currencies are heavily traded." Currency speculators and companies operating in inflation-ridden countries such as Brazil or Italy try to conserve the value of their cash by buying or selling "forward contracts" for funds, similar to commodity futures; a speculator who sold Brazilian cruzeiros short a year ago could have doubled his money. Deak trades in the contracts, gambling that fiscal and political changes will work...
...last thing the big left-hander plans to do now is quit baseball. He will reportedly sign a contract worth at least $50,000 in bonus cash with either the Yankees or the Braves at his home in Winchester tomorrow...
Before this year's presidential campaign is over, NBC, CBS and ABC will have spent $25 million on news coverage-triple their 1960 expenditure. Justification is the cash value of prestige. "It's an intangible," says NBC Executive Vice President William McAndrew, "but sales people say that our news image definitely makes sales for the whole network schedule...