Word: corpe
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Dates: during 1950-1959
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Financier Leopold D. Silberstein, who won only an active ulcer in his attempt to take over Fairbanks, Morse & Co. last May, bad reason for more pain. To help pay off the huge debts contracted in the proxy fight, his Penn-Texas Corp. last week was forced to 1) omit a quarterly dividend on preferred stock, 2) sell a major subsidiary, Industrial Brownhoist Corp. of Bay City, Mich., one of the first companies in the Silberstein empire. An undisclosed buyer picked it up for $3,000,000 in cash-half of what Penn-Texas paid for it in 1954. Other subsidiaries...
...Chrysler Corp.'s heavy stock of 1957 models cut into its 1958 sales (although the industry as a whole had whittled '57 stocks to a manageable 240,000). Plymouth sales were just fair, Dodge and De-Soto slow, but Chrysler and Imperial were up. Percentagewise, best gains were made by American Motors. Sales of its Rambler in November's first 20 days climbed...
...SHIPBUILDING ORDER will be placed by U.S. Steel Corp.'s Pittsburgh Steamship Division, which plans to spend about $100 million on twelve 20,000-to 25,000-ton Great Lakes ore carriers, several of which would outstrip the largest iron-ore ship now on the lakes-M. A. Hanna Co.'s 23,000-ton George M. Humphrey...
Many an investor does not realize how expensive industry's expansion has become. International Business Machines Corp., for example, had gross returns after taxes of $35.10 per share last year, paid out only $3.80 per share as cash dividends; of the remaining $31.30 per share, $20 was charged off as depreciation, $9.30 was retained as cash, and another $2 per share went to pay interest on IBM's debt. In years past, U.S. manufacturing corporations were able to finance most of their expansion by retained earnings, had a relatively small debt to worry about. But today so many...
...biggest moneymaker of all is Sicily's booming young oil industry. Instead of throttling foreign oil exploration by setting up a state-run monopoly such as Italy's ENI (TIME, Sept. 2), Sicily encouraged Gulf Oil Corp. with a deal that one U.S. oilman calls "the best terms of any oil company operating anywhere in the world." Instead of the standard fifty-fifty split, Gulf gets 80% of all profits, has pumped $50 million into Sicilian oil development. The payoff: wells that will produce 1,650.000 tons of oil next year, some 15% of Italy's total...