Word: millions
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Dates: during 1960-1969
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Loss though it was, the Kelvinator sale had A.M.C. executives dancing all the way to the banks-the 24 banks to which A.M.C. at one time owed $95 million. Using some $20 million of the proceeds, the company has whittled the debt down to $28.6 million, expects to pay the rest by year's end. Wall Street seems to see that as a sure sign of turnaround, and last week the company was huddling with Manhattan moneymen over plans to raise $50 million in new capital. The badly needed long-term deal would be used to bankroll new dealerships...
Sponsoring the seven-week experiment is Eastern Air Lines, which started the hourly shuttle service on the Boston-New York-Washington run 7½ years ago and carried 3.3 million passengers along that route last year. Eastern, as well as federal aviation agencies, hopes the testing will lead to a new form of short-range transportation. "Door-to-door" flights from small airports inside or on the edge of cities would save time and would not interfere with long-and medium-haul operations...
...Ghana and Nigeria have both made headway in that direction, but neither is moving any faster than Kenya, which won its independence from Britain less than five years ago. More and more of Kenya's blacks, who make up 97% of the country's population of 10 million, have been going into enterprises that once were the preserve of whites and Asians...
Giving Up $150 Million. SEC pressure last week won a much more costly concession from Wall Street. For the first time in its 176-year history, the New York Stock Exchange proposed a reduction in its sacrosanct brokerage commissions. The cuts would apply only to orders involving more than 1,000 shares of stock. Even so, Big Board President Robert W. Haack estimated that the plan would cut U.S. brokers' total commissions about $150 million annually, or 7% of the $2.1 billion they took in last year from exchange trading. As of now, the same rates (varying with...
Coming from the staid First National Bank of Denver, the biggest bank in the six-state Rocky Mountain region (assets: $530 million), last month's outburst was an eyebrow raiser. Calling the first press conference in the bank's 108-year history, President Eugene H. Adams declared that "We are very mad about this situation." Next day First National further vented its anger by placing full-page newspaper ads to denounce what it described as a "blatant, selfish attempt of a part-time Coloradan turned New York Wall Street raider to take over...