Word: sharing
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Dates: during 1960-1969
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...Murphy recently. "He was a banker who understood corporations and an investor who understood men." The two brothers were so close that they ran a joint bank account for as long as they were both alive. The brothers' philosophy: Bet on a man with an idea, taking a share in the business while making the loan; leave him alone unless he gets into difficulty; when he prospers, let him pay back the loan (retaining, of course, the share of his business) and turn the money over to another man with an idea...
...bewildered stockholders gathered for their annual meeting in Manhattan, A. & P. was in a first-rate tempest. With their stock crushed down from its 1961 peak of $70 (it closed last week at $26.75), A. & P. shareholders have long been restless over the company's declining (now 18%) share of grocery-chain sales. Last year its profit of $56 million (on sales of $5.4 billion) was off a bit from the previous year, despite Jay's robust prediction that earnings would be "running at a record pace...
...manufacture and even air freight. And as Reed is fond of pointing out, the line's most profitable venture on the basis of return on investment is the Golden Gate Fields race track outside San Francisco, where Santa Fe as the property owner receives both rents and a share of the parimutuels. With such operations as a base, Santa Fe Industries will be willing to get into almost any profitable business. "As long as it's making money," says Reed, "I'd be ready to buy. It doesn't matter if the firm is Queenie hair...
...doctor in charge, might become a bit ill itself. In financing the French and British drawings, the IMF had to sell off $582 million worth of its own gold reserves. Although the organization's total reserves still remain fixed at $21.1 billion, a growing share of that is held in dollars, pounds and francs-the very currencies that creditor countries have been shunning. It thus would have made little sense for the IMF to try to defend the franc by making its loan to Paris largely in dollars or sterling. Instead, it put together a potpourri of currencies ranging...
Hung Up. Partly reflecting such alarums and largely ignoring the fact that A.T. & T. profits ($2 billion last year) are at record levels. Bell stock has sagged to its lowest price since 1960. Between mid-1964, when the stock reached a peak of $75 a share, and last week, when it closed at $49.75, Bell's total market value declined $11 billion...