Word: millions
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Dates: during 1960-1969
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...giant will continue its incredible growth. By 1975, says the Bank of California's economic consultant, Alden Fensel, California's gross state product will reach $150 billion, and business spending $18 billion (from the present $13.3 billion). By the same year, California's population will have risen to 23.5 million, and its personal income will have climbed from $81.7 billion to $100 billion...
...Nixon got him a new address in London as Ambassador to the Court of St. James's. Last week he announced he was also giving up the Inquirer. He sold both the morning Inquirer and its sister paper, the afternoon Daily News, to Knight Newspapers for about $55 million...
...prime mover of the diversification is Chairman Howard L. Clark, 53, a lawyer and accountant who joined Amexco in 1945 as assistant to the president and became chief executive in 1960. The company then was taking in revenue of $75 million annually, primarily from arranging tours and selling traveler's checks, but these activities contributed little directly to net income. Most of that came from investing the "float" of money paid for traveler's checks that had not been cashed. Clark saw that the traveler's-check business, in effect, was a license to print money. Investing...
...offshore" fund for foreigners. The acquisition of W. H. Morton & Co. and Equitable Securities has given Amexco a strong position in stock and bond underwriting. The company is a major factor in international currency transactions. Every working day the American Express International Banking Corp. buys and sells $100 million in foreign currencies for corporations and individual customers...
...paternal pride in diversification moves. Clark has not hesitated to shed businesses as well-including some that made money but not as much as he would have liked. Amexco acquired the Uni-card credit business in 1965 and expanded it, but sold it last January-for a $16.6 million profit. Early last month, it agreed to sell its freight operations to Pacific Intermountain Express...