Word: cash
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Dates: during 1960-1969
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...traveling drummer in tinware, he saved $8,000 in commissions by the time he reached 30. One of his customers was Dimestore Pioneer Frank W. Woolworth, to whom Kresge sold a sizable order of tinware. When Kresge noticed that Woolworth's 19 stores were profitably run on a cash-only basis, the traveling salesman thought he saw his future. In 1897, despite a financial panic, he used his savings for a half interest in stores in Memphis and Detroit run by another five-and-dime pioneer, John G. McCrory. Two years later, Kresge bought out the Detroit store...
...trouble began when Intra Bank, the country's largest, ran out of cash to meet a run of withdrawals and closed its doors-perhaps forever. Among Lebanese, shock spread as it might in the U.S. if a dozen giant banks and industries collapsed together. Intra held 38% of the deposits in Lebanese-owned banks. It owned nine other banks, four of them in Lebanon. It controlled 35 companies, including Beirut's largest hotel and thriving Middle East Airlines, the Beirut port, the cement industry, a gambling casino and a metalworks; in all, it employed 43,000 persons...
Belated Pledge. Ironically, Intra was far from insolvent, with more than $230 million in assets against $170 million in liabilities. But too much was tied up in risky long-term investments, depriving the bank of needed cash. Predictably, Intra's closing started a run that threatened to bankrupt other Beirut banks. At a twelve-hour emergency night session, the Lebanese Cabinet ordered a three-day bank holiday to stall for time. To avert another kind of panic, Beirut's stock exchange also closed. So did department stores and shops, bringing business in the city close to a standstill...
...only because his Arab clients deserted him. For one thing, soaring interest rates have lately made Europe a more profitable haven for cash. Also, Intra became involved in the bitter feud between Egypt's Gamal Abdel Nasser and Saudi Arabia's King Feisal, leader of the Middle East's conservatives. When Nasser-financed newspapers in Lebanon attacked Feisal, Saudi and Kuwaiti sheiks yanked $30 million out of Intra in one month. On top of that, Lebanon's three-year-old central bank fumbled its chance to prevent the crisis. Asked to help Intra, the bank stalled...
Battling against the odds to keep Intra together, Bedas' directors last week petitioned a Lebanese court for three years' grace to repay their depositors without forced liquidation of assets. Bedas himself began a desperate hunt in New York for enough cash to keep control. Scenting the possibilities of snagging valuable property at distress prices, the Soviet Union turned bargain hunter, sent out feelers but backed away at the hefty asking price. U.S. Shipping Tycoon Daniel K. Ludwig, who recently tried unsuccessfully to merge his tiny Lebanese International Airways with Bedas' bigger line, expressed interest in buying stock...