Word: stockely
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Dates: during 1970-1979
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Frugality is one of the keystones of his personal lifestyle. Though he owns $1.8 million worth of Textron stock and collects $400,000 in annual salary and bonuses, Miller lives in an unpretentious three-bedroom house in Providence's east side and often takes a bus to work. He normally lunches at his desk on crackers and Campbell's soup. About the only luxuries the Millers allow themselves are a regular winter vacation in the Bahamas, a summer place near Cape Cod and a weekly seat at New York's Metropolitan Opera...
...wake of the South African government's bankruptcy, the Harvard Corporation agrees to divest its stock in banks doing business with the now-defunct regime. A member of the Harvard-Radcliffe South African Solidarity Committee comments: "Shows what students can do when they organize...
Some Christmas cheer for Bert Lance. First, Saudi businessman Ghaith Pharaon said he would pay $20 a share (more than 33% above the going rate) for 120,000 shares of the former Budget Director's stock in the National Bank of Georgia. The $2.4 million deal should leave a fat profit (a third of a million or so) in Lance's stocking. Then there was a gift from Wife LaBelle: a family portrait by Atlanta Artist Comer Jennings. LaBelle especially liked how Jennings painted her diamond pendant-the "broken heart," as she calls it, that Bert gave...
...takeovers have spiced an otherwise dreary stock market. Marshall Field stock last week rose from $22.75 to $29.25 a share, still short of C.H.H.'s offer of $36. National Starch shares jumped more than 20 points in a single day and closed at $65.50; even those who bought at that price will profit by selling to Unilever at $73.50. That situation points up the big gest reason for the takeover trend: prices of many stocks have sunk so low that a cash-rich company can offer a tempting premium and still pick up corporate as sets for less money...
...billion, have a special reason for worry: Congress in 1974 passed a law permitting receivers of pensions to sue managers of the funds for poor investment performance. Fearful fund managers have adopted a supercautious strategy, setting themselves the modest goal of only matching the performance of the popular stock averages, and pulling out of an issue any time they can turn a small profit...