Word: option
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Dates: during 1960-1969
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...stock option is as old as U.S. industry itself, but it was not until 1950 that it began to be widely used. Then Congress for the first time specified that if 1) a stock option was at least two years old, 2) it was granted at no less than 95% of the stock's market price, and 3) the stocks so purchased were held for more than six months, the profits would be taxable at long-term capital-gains rates (maximum 25%) instead of higher ordinary-income rates...
...Taxes," as Inland Steel Vice President William Caples says, "are the main reason for the existence of stock options." For it is only with a stock option that a company executive in the 50% tax bracket can hope to keep more money than he pays the Government. Today, an estimated 60% of the companies listed on the New York Stock Exchange offer executive stock-option plans...
Primarily, options are offered to spur initiative and give professional managers a sense of ownership. Says Leland Hazard, director of the Pittsburgh Plate Glass Co.: "The stock option is an invitation to aggressiveness. It gives a man the incentive to act as an owner-manager...
Democrats, whose prime vote getter is U.S. Senator Edmund S. Muskie, a Catholic, exploited the issue for a while; e.g., Congressman Frank Coffin, a Baptist, upheld the defeated local-option school bus bill the day after announcing for Governor. But the harsh weapon of the boycott raised a cry of "intolerance" in the Bangor News and among Protestants, who make up 74.9% of Maine's population. Key Democrats decided that they must water down their school-bus proposal before their state convention opens April 22-featuring an invocation by a rabbi, prayer by a priest, benediction by a Congregational...
Hired as president and chief executive officer of the New York Central Railroad in 1954 by the late Robert R. Young, Old Railroader Alfred E. Perlman was given a $100,000-a-year salary and a fat option to buy 32,000 shares of Central stock at 19⅞ But Bob Young did not believe in contracts, would not give Perlman one. Last week the Central's directors acknowledged Perlman's success in improving the road's equipment and operations, after six years on the job signed him to a long-term contract. The terms...