Word: heinz
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...using so much of their past earnings for current expansion, many German firms have also left themselves with dangerously small capital reserves. Undercapitalization caused the-recent downfall of Shipbuilding Tycoon Willy Schlieker. Heinz Nordhoff, the boss of mighty Volkswagen, thinks his company's reserves of less than $150 million are too small for a company with annual sales of more than $1.3 billion. To carry out adequate expansion and modernization programs, German industry as a whole needs an estimated $7.5 billion that it does not have...
...Detroit's prestigious Economic Club, hardly a limousine's length away from the National Auto Show, the titans of U.S. autodom last week heard some frank talk from one of their most successful foreign rivals. The outspoken visitor: handsome, hearty Heinz Nordhoff, 63. chairman of West Germany's Volkswagenwerk, which sells in the U.S. one out of every six cars it produces...
Ghanaian ambassador makes his rounds in Bonn, and sputtered: "Yesterday they didn't even wear shoes, and today they come to town in big cars and fancy clothes bought with our money, and ask us for more." Germany's tightfisted Finance Minister Heinz Starke objects that "vast sums of money have been wasted," vigorously presses for less government spending abroad, and more tax inducements to pump private capital abroad...
Charity balls and gossip columnists help keep U.S. Society-especially New York Society-an open-end one. Even writers, painters and actors turn up among the guests these days. Says Drue Heinz: "These people are now accepted by Society even though they never belong to it, and this is a wonderful improvement. You are not nearly so likely to get stuck at dinner between two scions of famous families who tell their golf scores or that they've given up drink. Now you have a good chance of being seated next to an author or artist or lecturer...
Presumably, both the Fed and the Administration are very aware that a margin cut does not by itself produce any sustained market advance. ''People don't lack the money to buy stocks; they lack the desire," says Heinz Biel of Wall Street's Emanuel, Deetjen & Co. Many Wall Streeters, in fact, believe that most of last week's rally was just a continuation of one that started a week earlier, and they look for it to peter out somewhere between 600 and 635 on the Dow-Jones average. The margin cut has done nothing...