Word: crediters
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Dates: during 1960-1969
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...next fiscal year is now estimated at about $7.5 billion, as much as $22.5 billion less than it might have been without the tax bill. As a result, Washington will not have to borrow as much money -good news for those seeking home mortgages or other forms of credit. The entire economy could ease into a more stable growth pattern than has prevailed for the past two years. There may be some disconcerting bumps as things decelerate, but they are likely to be gentle compared to the inflationary bang that would almost surely have resounded without the tax bill...
...Congress exempted certain categories from the restraint: Viet Nam, federal-debt service, veterans' benefits, social security, and the Commodity Credit Corporation...
...nation's biggest finance companies, Baltimore's Commercial Credit Co. (assets: $3.3 billion) generates the kind of cash flow that businessmen dream about. That, together with the fact that its management owns less than 1% of the company's stock, has made it a prime target for takeover. When Manhattan-based Loew's Theaters Inc. undertook to win control of the company with a tender offer to shareholders last month, Commercial Credit's board decided that it would much prefer a partner of its own choosing. Last week it moved to sidestep Loew...
...involving at least $580 million in Control Data securities, must be approved by shareholders of both companies-and that could prove to be a major hurdle. The reason is that Loew's, apart from whatever additional stock it may pick up through its tender offer, is already Commercial Credit's biggest stockholder, having bought almost 10% of the company's shares on the open market during the past year. And Loew's President Laurence Tisch, assailing the proposed get-together with Control Data as a "shotgun wedding," was plainly in no mood to surrender...
...urging stockholders to reject Loew's bid, Commercial Credit argued that the theater-and-hotel operator, besides being a far smaller company, was in fields incompatible with its own. By contrast, said Commercial Credit Chairman L. S. Willard Jr., a merger with Control Data would be a "natural fit." As evidence, he pointed to his company's own budding involvement in computer operations. Already well diversified, with subsidiaries in insurance and manufacturing lines (printing presses, bearings, meat packing), Commercial Credit last January set up a data-processing operation in a joint venture with Radio Corp. of America...