Word: earned
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Dates: during 1960-1969
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...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 control of other companies at little or no real cost to themselves. For example, Victor Posner, Miami conglomerator who has plucked a personal fortune from slums and money-losing corporations, has just captured Sharon Steel (annual sales: $225 million) after a bitter battle. Posner...
...WARRANTS are often issued to 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...
Today's meet in Philadelphia should be a good warmup, if nothing else. Despite its lack of success, Pann has a few excellent swimmers. Dave Gleason, Steve Kowal, and Les Frisch and the three best competitors, and are probably the only Quakers with a reasonable chance to earn firsts...
...sophomore, swims freestyle at 100 and 200 yards and is a consistent winner in both. Good duels would be between Kowal and the Crimson's Mike Cahalan and Toby Gerhart in these two events. Again, Brooks may use alternates in these races to give Penn a chance to earn some points...
...that, executives of brokerages traditionally pocket bonuses of from one month's to two years' salary. Even better off than the analysts are the most active customer's men; they get 25% to 40% of the commissions on their transactions, and often earn well over $100,000 a year. Stephen Weiss, 33, a vice president of A. G. Becker & Co. in Manhattan, last year handled approximately $80 million worth of securities-mostly for individual investors-and earned about...