Word: corp
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Dates: during 1960-1969
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Show business's "star-spangled octopus," the Music Corp. of America, was up in alms. After the talent agency's top brass decided to honor Board Chairman Jules Caesar Stem's 65th birthday with a donation to his favorite charity -Research to Prevent Blindness, Inc.-ex-Ophthalmologist Stein promised to "match anything raised up to a million." Last week 19 of his openhanded executives ponied up an even million and forced him to fill out the $2,000,000 parlay. Said part-time Philanthropist Stein: "I guess they've done pretty well here, after...
...rubber industry-U.S. Rubber and B. F. Goodrich-both had reduced earnings. But, said Goodrich's President J. W. Keener: "The recession has bottomed out for us and most of the rubber industry. We expect the trends to be upward for the rest of 1961." Celanese Corp.'s President Harold Blancke, reporting a profit of 32? a share v. 50? a year ago, noted that his company's earnings trend had been picking up since January...
...issues. Most new offerings first appear on the volatile over-the-counter market, where they are harder to control than on the exchanges. Datamation floated 80,000 shares at 2 in February, now is selling at 12½-even though it was in the red last year. Sealed Air Corp., which offered 100,000 shares at 1 last October, is now selling at 7¾ on expectation of the success of its machine to weld plastic. A stock whose name suggests either electronics or technical mystery seems sure to have a jump in price. Among recent new issues, Nytronics...
...American Express and Carte Blanche for the nation's credit-card business, someone, and perhaps everyone, was bound to get hurt. Last week Carte Blanche admitted that it was hurt-and badly. For the fiscal year ending April 30, President Benno M. Bechhold estimated that the Hilton Credit Corp., which set up Carte Blanche, would lose $4,000,000. The reason: "Our unsatisfactory collection experience...
...rescue Carte Blanche, Hilton Hotels Corp. Chairman Conrad Hilton and several associates two months ago pumped $5,000,000 into the corporation to cover credit losses, put in Bechhold as president to replace Conrad Hilton's son Barron. To cull out bad risks, Bechhold at once tightened the credit check (the new minimums: 25 years of age, a $7,200 salary, and "an established pattern of wise and consistent use of credit"). He also is putting into operation next month an IBM computer system to check daily on the state of accounts, send out reminders to delinquents...