Word: premiums
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...Stern to justify the purchase of a company for twice its book value. Stern's explanation: "We liked what we saw at Carborundum in terms of the people, products and continuing growth. We know that $66 is good value." Stern also says that Kennecott had to pay a premium price because it was in "a bidding situation"-meaning that it was in competition with other companies interested in acquiring Carborundum...
...first public bid for Carborundum was made by Eaton Corp., the Cleveland-based auto-parts maker, nearly three weeks ago; Eaton offered $47 a share for Carborundum, a pretty premium of $14 for a stock that never sold higher than 40% during the past ten years. When Carborundum rejected that offer, a furious auction began that finally concluded early last week in the Manhattan offices of Morgan Stanley & Co., which represented Carborundum. After some unnamed other bidders called in by phone, Kennecott offered $66, or some 14 times this year's projected earnings...
...biggest brains. That led to an increase in brain size. Hunting, with its emphasis on outwitting animals that were either faster, stronger or fiercer than the hominids that hunted them, also stimulated rapid brain growth. In addition, says Milford Wolpoff of the University of Michigan, it placed a premium on cooperation, strengthening the bond between members of the group and starting man on the road toward developing language...
Wagner, it seems, disliked smoking cigarettes and threatened to sue the manufacturer of Sweet Caporal cigarettes, when it used his picture on one of their premium cards. Since only a few were printed before the company suspended production of his card, the estimated two dozen that are known to exist have become coveted investments. If they are in good condition they may sell for $4,000 apiece...
...them runaways, line up under the guise of hitchhiking. Grandfatherly "chicken hawks," men in their 50s and 60s, haggle with "chickens," teen-age boy hustlers, through the windows of Cadillacs. Blonde prostitutes boast of earning $600 a night from Mexicans who have illegally sneaked across the border and pay premium prices for a fair gringa. Brunettes and blacks can at best count on around $300 a night...