Word: cashes
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Dates: during 1950-1959
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Faced with a lack of cash, hoarding what it has for welfare payments and schools, Michigan had missed a state payroll for the second week in a row. Altogether last week 26,000 employees, including stenographers, state troopers, doctors and "Soapy" Williams himself ($866), went without paychecks. In Lansing the State Employees Credit Union doled out interest-free loans. In Detroit the New York Bar & Grill reassured lunchtime customers from nearby state buildings: CHARGE YOUR MEALS UNTIL THE LEGISLATURE PROVIDES PAYDAYS...
Behind the crisis was an impending $120 million deficit and a controversy over the proper new tax to erase it (TIME, May 4). Governor Williams wants to tap a $50 million veterans' fund for immediate cash, replenish the till and wipe out the deficit with corporate and personal income taxes. Old Guard Republicans, who control the state senate, are agreeable to using the trust fund. But they want to increase Michigan's 3% sales tax to 4% and avoid an income tax, refuse to release the veterans' fund until Williams agrees. Still adamant. Soapy Williams offered...
Supposing that we hadn't been "stripped of ... empire, economically and physically sapped . . ." by wars - in which, may I remind you, you first bled us white with "cash-and-carry" and then joined in largely to protect your investment in our future -are we to understand that you would expect us to be as anxious as the Gadarene swine to plunge to perdition...
...Cold Cash. Tom Evans, at 48, has amassed a fortune with his knack for changing corporate hard times into good times. He started at 28 by taking over H. K. Porter Co.. money-losing locomotive manufacturer, built it up into a profitable combine of 18 divisions specializing in electrical and steel products. In the last 15 years he has acquired more than 30 companies...
Evans built his pyramid with cold cash. When he won control of a company, he nurtured it until it began to generate cash, then used the cash to buy yet another company. In the first quarter Porter's sales rose from last year's $32 million to $52 million, its profits from 51? per share to $1.30, after a merger with one of its subsidiaries. For Crane, Tom Evans hopes to turn a similar trick...