Word: commonical
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Dates: during 1960-1969
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Ecumenical firsts these days are so common that most of them seem like seconds. Last week, though, one break through made some justifiable headlines. The Texas Council of Churches and the ten dioceses of the state's Catholic Conference joined together to form a new Texas Conference of Churches, which thus became the most representative U.S. body, linking Protestants, Catholics and Eastern Orthodox...
...challenging established firms with exuberance and even effrontery are the builders of conglomerates?those multipurpose, multi-industry companies that specialize in hodgepodge acquisitions. They are often put together in a seemingly haphazard tangle, with only finances for a common bond. In the modern conglomerate, oil and water do mix. So do steel and airlines, theaters and tobacco, chemicals and clothes, meat-packing and insurance. Such unlikely combinations have repeatedly paid off?at least...
...housing construction. He simply phoned Los Angeles Architect Charles Luckman, whom he had never met, and proposed a discussion. Luckman flew to New York. In just two hours over lunch at Manhattan's 21 Club, where myriad American mergers are made, Luckman agreed to join Ogden in exchange for common stock...
...called installment-sale tax provisions. If they swap shares in a target company for the conglomerate's deben tures, they pay no capital-gains tax on the deal until they get their money back in 25 years. Debentures are doubly attractive because they are generally convertible into common stock at an above-the-market price. For the companies that issue them, debentures offer an even bigger tax break. The interest payments can be deducted from corporate taxable income as a business expense. On the other hand, stock dividends must come from after-tax earnings. Using debentures, conglomerates can often grab...
...sweeten takeover offers, especially unfriendly ones. The holder of a warrant has an option to buy shares of the issuing company in the future, at a fixed price. Warrants carry no voting rights, earn no dividends, involve pure speculation. Technically, they have no value at all unless the common stock climbs above the option price. They were in disrepute for most of the years since the Depression because their volatile prices make them extra risky for investors. But warrants caught on again after LTV and Gulf & Western used them to pay for acquisitions. Issued in moderate amounts, warrants may have...