Word: payments
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Dates: during 1950-1959
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Bankers & Boeing. The industry obviously considered itself in serious trouble. Many companies operate so close to the line that they will be pressed to meet payrolls without 100% Air Force payments each month. Nor will it be easy to get outside loans to replace the deferred 25%. Though full payment will come when the Air Force gets more money at the end of fiscal 1958 or when money loosens because of heavier Treasury receipts, the feast-and-famine aircraft business is such a questionable risk that few banks are eager to lend scarce funds. Those who do get interim financing...
Republic & Lockheed. Outside of Douglas, which is in better shape than most because of a $150 million credit that can be transferred from its DC-8 commercial jet program, the rest of the major contractors are in bad shape. Republic, facing a 30% to 40% cut in payments for the rest of the fiscal year, blames the new payment schedule for a layoff of nearly 2,500 workers. Lockheed is also cutting back. So are the Martin Co., North American and other major contractors. The picture is even darker for the thousands of subcontractors who sometimes do as much...
...president of International Harvester, succeeding Peter V. Moulder, president since May 1956, who reached Harvester's normal retirement age of 65 this week. Reserved and meticulous, Frank Jenks started with International Harvester as a clerk in Richmond in 1914, won a vice-presidency for his work bolstering time-payment sales to farmers as manager of Harvester's credit bureau, was named executive vice president when President Moulder took over. Jenks, who is also slated to succeed Chairman and Chief Executive John McCaffrey, now past retirement age, faces the task of shoring up International Harvester, whose net income dropped...
...Down Payment (20th Century-Fox), based on the recent novel by John McPartland, puts itself forward as a fairly serious contribution in a field that only a dozen years ago was nothing but a dandelion patch: the sociology of the packaged community...
...Down Payment suggests some shocking answers. In this picture the dream houses of a short-drive-from-the-city development known as Sunrise Hills turn out to be nothing better than air-conditioned nightmares. The point is illustrated in the lives of eight inhabitants of this magnificently planned slum-four young couples "thrown together," as the book's blurb explains, "in the devastating intimacy of a four-house courtyard...