Word: ten-year
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CHRYSLER COMEBACK will be pushed by one of the biggest expansion programs in auto history. President L. L. Colbert said that the company lost sales in 1955 because it was "not geared" to produce enough. So it will add seven regional plants and expand Detroit production over a ten-year period...
...management of the Flamingo hotel was moving in to rescue the shaky $8,000,000 Riviera. The $3,000,000 Moulin Rouge, built to lure in Negroes, had to be reorganized. Last week the well-established Sands took over the three-month-old, $4,000,000 Dunes on a ten-year lease at $750,000 annually, launched the Grand Reopening in a blaze of hoopla starring Frank Sinatra perched upon a camel...
...result has been more, not less competition. In Greater New York, often cited as a horrible example of lessened competition because the four biggest banks control 60% of all deposits, the actual result has been such intense competition for business that the interest rate on some ten-year loans has been driven down (from about 3¼% to 3%) at a time of rising interest rates. Moreover, many who talk about mergers as though they were the exclusive and sinister technique of the financial titans disregard the fact that most of the mergers have been between small banks. By joining...
...Appointment of the week: Edward H. Litchfield, 41, dean of Cornell's School of Business and Public Administration, to succeed Rufus H. Fitzgerald as twelfth chancellor of the big (16,000 students) University of Pittsburgh. The new chancellor's main job: to put through a ten-year development program that may cost as much as $100 million...
...rise and promised another increase later, paid its first common-stock dividends in 41 years. Last week it confidently put $2,000,000 worth of securities on the market; the company expects eventually to attract enough private capital-together with public loans and earnings-to finance a $200 million, ten-year expansion plan. American & Foreign Power, promised a rate increase soon, plans a $40 million, five-year building program, using public and private capital. The telephone company got a 45% increase, plus a government loan, and will spend $15 million filling back orders. cattle instead of putting the cattle...