Word: payoff
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...Payoff. A rider since he was eleven, Steinkraus showed more than early promise as he matured, scored an unusual double when he won both the Good Hands and Maclay Trophies for juniors in 1941. With the 124th Cavalry ("unmounted, but we had boots and spurs"), Billy won three battle stars in the China-Burma-India Theater, ended up in China as a sergeant. After college (Yale '48), Steinkraus combined his two main pastimes into a temporary career. An ardent musician ("strictly longhair"), he played the viola with the Connecticut Symphony Orchestra, joined a concert-management concern, spent...
...step of his plan: liquidation of the $7 and $6 prior preferred stock with payment of $93 million in stock from Standard's operating companies (Duquesne Light, Wisconsin Public Service, Oklahoma Gas & Electric). In the next two steps, Boshell plans to liquidate the $4 preferred by a similar payoff, and then the common. By mid-1953 he hopes to end Standard's existence-and his own job. Under Boshell's shrewd management, Standard's once "worthless common" is again listed on the Big Board, has shot up from 75? to last week's price...
Thus far, the payoff has been encouraging. The latest Pine-Thomas epic, Caribbean, is now making 31% more money than average pictures on the market. Those perennial big-grossers, Abbott & Costello, recently released Abbott & Costello Meet Captain Kidd. Last week Hollywood studios had released, were filming or planning more than 20 sea pictures, ranging from documentaries (e.g., Rachel Carson's The Sea Around Us) to history (e.-g., Nearer My God to Thee, a story of the Titanic). But most of them were just wet westerns-The Golden Hawk, City Beneath the Sea and Yankee Buccaneer...
...with the help of Washington Lawyer Joseph Rosenbaum. Later, Senator Capehart charged that Central Iron & Steel had sold scarce steel to a pocket corporation which had in turn resold it in Chicago's grey market for $75,000 profit. Said he: "[The sale] was simply a payoff, and somebody made $75,000 for doing nothing." Control of the corporation was held in option by Lawyer Rosenbaum, who denied the charges, and by ex-RFC Employee E. Merl Young. His wife, a White House secretary, was given a mink coat for which Rosenbaum paid the bill...
...Payoff. Last week, at Massachusetts' Watertown Arsenal, the Army displayed weapons made with titanium parts. The Army hopes eventually to make entire vehicles for air drops out of the wonder metal. The infantry has tested a titanium base plate for its 81-mm. mortar, found that the lighter plate will permit it to reduce a mortar crew from four to three men. The Navy, which now carries a spare snorkel in submarines because they corrode so fast, has begun experimenting with non-corrosive titanium breathers...