Word: millions
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Dates: during 1960-1969
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...historic ties to a fixed return on investment; the old policy has lost appeal because of inflation. Last month, Chicago-based C.N.A. Financial Corp., a major insurance combine, agreed to acquire Los Angeles' Larwin Co., the nation's largest privately owned home-building concern (1968 sales: $50 million). The price: $100 million in C.N.A. stock. Prudential Insurance recently bought a half interest in southern California's Westlake Village, a new town being built by Shipping Magnate Daniel Ludwig...
...property. The Penn-Central railroad is not only one of the nation's largest real estate owners but also depends on realty income to stay out of the red. Norfolk & Western Railway went into the field last year, and now has three projects under way, including a $100 million residential and commercial development near Kansas City...
...Worth approximately $370 million in 1968 dollars...
Knocking on Doors. Since going public in 1967, Clubman's has increased its capitalization to $50 million. It has acquired an advertising agency, a vending-machine company, and a chain of betting shops that now number more than 100. The company has also spread into liquor sales and auto rentals; three weeks ago, it signed a conditional agreement to acquire Ace Industrial Holdings, an amusement-machine manufacturer that earned $1,400,000 before taxes in 1968. Last year, spurred by acquisitions, Clubman's revenues leaped from $1,100,000 to $37 million, while profits reached...
...stratagem is for companies to reduce the rate at which they write off -that is, deduct from their taxable income-the cost of new facilities. The results can be astonishing. U.S. Steel raised last year's reported profits 59% above what they otherwise would have been, from $159 million to $253 million, largely by switching from rapid to straight-line depreciation of its huge investment in mills and other properties. The change reduced the amount that the company set aside on its books to reflect the degree by which its plant and equipment wore out in 1968. Net income...