Word: reals
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Dates: during 1960-1969
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...kind for many years, three giants hammered together a joint enterprise. Hartford's Aetna Life & Casualty (assets: $8.6 billion) agreed to go into a partnership with California-based Kaiser Industries and Kaiser Aluminum & Chemical Corp. They expect to move into commercial, industrial, residential, recreational and agricultural real estate. The three will pool $175 million in cash and properties. Among the latter are Aetna's 630-acre Warner Ranch near downtown Burbank, the Kaiser Companies' 6,000-acre Hawaii Kai residential and resort complex in Honolulu and the 87,500-acre Rancho California project 80 miles southeast...
...Chemical Corp., the chemical manufacturer, recently bought the Yeonas Organization, a home-building firm in a suburb of Washington, D.C. International Paper picked up American Central Corp., a Lansing, Mich., developer of leisure-time property. The Penn-Central railroad is not only one of the nation's largest real estate owners but also depends on realty income to stay out of the red. Norfolk & Western Railway went into the field last year, and now has three projects under way, including a $100 million residential and commercial development near Kansas City...
Logical Mergers. Companies that supply goods and services to the construction industry regard real estate as a logical diversification. U.S. Plywood-Champion Papers runs 35 residential developments in eight states. National Gypsum last month agreed to acquire Florida's Behring Properties Inc., which is building thousands of homes near St. Petersburg and Fort Lauderdale. From its original base in timber, Boise Cascade expanded into both land development and construction by picking up five companies in three years. Now the Idaho-based company aims to become a truly nationwide builder of homes, so far an almost unheard of goal...
...production and inflate construction costs. Big combines might ultimately even do for housing-the biggest investment most families make-what Henry Ford did for the car. In many sectors of the U.S. economy, today's wave of corporate combines raises legitimate fears that concentration may threaten competition. In real estate, there is still too little of either...
...York's all-star team was on quintessential display in the anniversary issue: Gloria Steinem crusading for women's rights, 'Adam Smith' (actually George J. W. Goodman) contemplating conglomerates, Tom Wolfe on street fight etiquette, and Jimmy Breslin capturing the real Joe Namath. "Namath was shaking his head," wrote Breslin. " 'Boy, that was a real memory job. You know, I only was with that girl one night? We had a few drinks and we balled and I took her phone number and that's it. Only one night with the girl. And I come...