Word: swapping
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Dates: during 1960-1969
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...River Mills, a medium-sized Virginia textile firm (1966 sales: $281 million), and smaller, North Carolina-based Fieldcrest Mills ($171 million) decided to copy the long-established industry pattern by merging. If stockholders approve a swap of securities worth some $87 million, the merged company will have combined sales of more than $450 million, a strong position as the U.S.'s fourth biggest publicly owned textile company (after Burlington Industries, J. P. Stevens & Co. and United Merchants and Manufacturers), and a new name: Dan River Fieldcrest...
With the central information file on advertising and personnel which the Committee hopes to institute, producers could swap lights and technicians and use equipment and "new blood" from amateur theatres like the Cambridge Community Theatre...
...West Coast, two widely different takeovers last week were the business talk of the territory: >Gulf & Western Industries, the auto parts, chemicals and mining conglomerate, which went hip-deep into the entertainment field last October by buying troubled Paramount Pictures in a $165 million stock swap deal, waded in farther. G&W agreed to take over Hollywood's Desilu Productions, the TV film maker controlled by Comedienne Lucille Ball, for $17 million in stock. Desilu produces four TV series (The Lucy Show, Mission: Impossible, Star Trek and You Don't Say), rents production facilities to 13 others, including...
...some 24,000 people now have nearly $1 billion worth of "deposits" in such funds. Studying twelve swap funds, the Wall Street firm of Arthur Wiesenberger & Co. found that their average per-share value declined 7% last year v. a 1.2% drop for capital gains-type funds and a 2.8% decline for growth funds. The participants scarcely mind. They range from moguls down to Sears, Roebuck employees retiring with large blocs of stock, and they are mostly interested in postponing that capital-gains bite while diversifying under professional management...
Brokers like McCollester insist that the Government is making a mistake by ending the swaps on the grounds that they are depriving the U.S. of capital-gains tax revenue. Left to their own devices, the professionals maintain, stockholders are not likely to sell the stocks and pay the tax; moreover the Government collects whenever fund managers sell off some shares to pay costs or make portfolio changes. The brokers, of course, are also sorry to lose "big ticket" business. The average swap-fund transaction involves $85,000 in stock and a $2,975 commission v. the average commission of about...