Word: cashing
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Dates: during 1950-1959
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This week Dave Beck, president of the A.F.L. Teamsters union, declared that "the auto industry is in the worst shape it has been in 30 years." He said anyone with cash in hand can walk into a new-car salesroom and buy an auto at up to 30% off list price, and many dealers are "near bankruptcy." The country, said Beck flatly, is headed for a serious depression. Said he: "I define a recession as when your neighbor loses his job, but a depression is when you lose your...
...massive coal reserves -more than 4 billion tons, mined in a 40-ft. seam. Owned by Sir Ernest Oppenheimer, whose vast copper mines in Northern Rhodesia are fueled by Southern Rhodesian coal, Wankie pays white miners at least $250 a month and its Negro miners an average in cash of $6.60 a month. Recently, the Negro union demanded a raise in their minimum rate (from 21? to 50?? a day), and when it made no headway, downed tools. Only 20 out of 10,000 African miners stayed on the job, and these the strikers called "whitelegs...
...army backs Magloire (Congress made him its commanding general), but might be helpless against a popular coup de langue. On the other hand, he has many strengths. Items: ¶ The price of coffee, Haiti's No. 1 cash crop, is up, as every U.S. housewife knows, and the 1954 crop is likely to be good. Despite price drops in sisal and sugar (production of which is almost back to where the French had it in 1791), exports plus imports should stay steady at the recent level of $80-$100 million yearly. Since most government revenue comes from import...
...Haitian relations are excellent. ¶ A promising tourist industry had doubled since 1951, bringing Haiti as much cash income ($2,750,000) as sugar did last year...
...stockholders of his RKO Pictures Corp., Croesus-rich Howard Hughes this week had a mouth-watering surprise. Hughes, who has been trying to sell out his interest, this time offered to buy all the company's assets for $23,489,478. The cash would be used to pay stockholders $6 a share for the stock, which closed last week at 2⅞. His conditions: directors must approve the offer by Feb. 15, and a majority of stockholders other than himself must approve by March 30. Explained he: "I have been sued by certain . . . stockholders and accused of responsibility...