Word: cashing
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Dates: during 1950-1959
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...ruined on the docks by monsoon rains (TIME, May 21). Most insulting of all, the Russians and Chinese began selling off their Burmese rice in Burma's own best markets. Said U Nu bitterly last month: "Anybody who goes into a barter deal when he could have a cash deal is crazy." The experience has not diminished Bur ma's determination - as a small country with a thousand-mile Chinese border - to stick to official neutralism, but Burma is now becoming neutral against the Com munists. Already Premier Ba Swe's gov ernment has reversed Burma...
...DEAL involving sale of Southern Production Co.'s oil and gas properties to Sinclair Oil is in the works. If Southern Production stockholders agree, company will sell out for $42.5 million cash, plus an additional $65 million out of production over the next ten years...
...Collateral. To build and operate the supertankers, the Argonauts devised a shrewd technique for raising the cash without putting up much money of their own. Niarchos persuaded the oil companies-which were then unwilling to tie up capital in shipping-to put his unbuilt tankers under long-term charter (up to seven years). Armed with charters that would pay for new tankers in less than half their 20-to 25-year working span, he then made firm contracts with shipyards and went to banks and insurance companies for construction loans, using the charters as collateral. With the loans guaranteed...
GENERAL SHOE CORP., one of biggest U.S. shoemakers (1955 sales: $167.9 million), will follow diversification trend by moving into the women's specialty store and jewelry business. For around $10 million cash, General Shoe bought 65% control of Hoving Corp. (1955 sales: $31.6 million), operators of Manhattan's Tiffany jewelry store and Bonwit Teller department-store chain. Hoving President Walter Hoving will stay on, plans no management changes...
Phillips knew what it was doing. With plenty of cash McGee soon had a string of wells in the rich-paying Gulf Coast zone in Louisiana. Then Kerr-McGee started operating on its own in an area where few oilmen had yet ventured: the Louisiana tidelands. Says McGee: "It looked better to us than staying on land, where the first-class spots were already leased and drilled. Some said it took courage. Others just said we were foolish...