Word: cash
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Dates: during 1960-1969
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...paying out dividends that would actually be showing no profit at all if they were making the proper set-aside for depreciation of their facilities," says Charles B. ("Tex") Thornton, chairman of California's fast-rising Litton Industries. Litton has never in its ten-year history declared a cash dividend, preferring-as many other companies do-to hand out additional shares of stock to its shareholders and to use the retained earnings for expansion and modernization...
...Long View. Economists use a company's outlook for growth as the most sensible-though a far from infallible-standard of when dividends should be paid. A fairly young, growing company usually needs more cash to finance expansion and lay a firm financial base, and its earnings, if any, should really be kept for that purpose. A mature company, whose finances are healthy and whose growth is steady and predictable, ordinarily does not need so much ready cash and can pay out a sizeable portion of earnings...
...decide whether to distribute their companies' profits argue that they must take a long view of the stockholder's welfare. If they determine that the stockholder could use the money to more advantage than the company could -a determination based on tax rates, current interest rates and cash flow-the checks go out. But many companies believe, with Rockwell Manufacturing Co. Chairman Willard F. Rockwell, that "we're doing our stockholders a favor by not giving them too much." Money put instead to needed expansion or modernization may not only save a company...
Salting Away. Personal income is rising even faster than consumer purchases. The consumer continues to salt the difference away; personal savings rose by nearly $3 billion in the year's first half. Since many items are routinely bought on credit even by those who can pay cash, consumer installment debt is also rising, reached a record $50.2 billion in June. Though there is some talk of too much credit, the Federal Reserve's economists feel that the limit of installment credit has not yet been reached...
...pieces attempt to represent what six authors--Shakespeare, Chekhov, Ibsen, Wilde, Odets and Williams--might have done with commonplace dramatic themes: love and letters, cuckolds and cash-on-the-line weddings. The "typical Shakesperian clown engages in a "typical" mixup of missives. The deranged Blanche du Bois figure in the Williams parody imagines a Spanish pen pal to take her from the beer-and-beatings world of her Stanley Kowalski type mate...