Word: thrift
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...heavyset, silver-haired, pleasant man of 65 whose hobbies are golf and a $100,000 collection of French and Dutch oils, August Kochs, with typical German thrift, has always financed Victor expansion out of earnings. At present he contemplates a $1,000,000 plant with electric furnaces near Mount Pleasant, Tenn., for which the company has signed a $500,000-a-year power contract with TVA. This hefty expansion could be swung by private financing, but August Kochs has lately been pestered by stockholders who want a market valuation for their stock. Therefore last week Victor Chemical Works offered...
...John L. Lewis' United Mine Workers, who at one time looked askance at the Scouts, the difference is typical. Otherwise the parallelism is perfect through all the first nine Scout laws (Trustworthiness, Loyalty, Helpfulness ["at least one good turn every day"], Friendliness, Courtesy, Kindness to Animals, Obedience, Cheerfulness, Thrift). But the U. S. Scouts added three laws of their own. U. S. Romanticism required the tenth law: "a Scout is Brave"; U. S. sanitation required an eleventh law: "a Scout is Clean" (which the British afterwards copied). And the spirit of the Y.M.C.A. demanded the addition of the twelfth...
...there must be a showing as to their ability or inability of those seeking Federal funds as to what they themselves can do; but have we come to that state of mind in legislating that we want to encourage or even countenance indifference, lack of diligence, total lack of thrift and energy? Have we come to the point where we wish to say, "The less you do or attempt to do, the more we will do?" When the Relief bill went to Congress a group of stanch Democratic Senators, of whom Senator Robinson was one, went to the White House...
...spending was only one facet of the Eccles financial philosophy. To apply to public policy the common economic virtues of private life, he has often declared, is to invite disaster. When the nation's individuals are assiduously practicing thrift, economy and budget-balancing, that is precisely the time for the Government to go into debt for compensatory public spending. Of course, this was the underlying fiscal philosophy of the whole New Deal, and Mr. Eccles came to be rated the arch-apologist of spending. Last week Mr. Eccles suddenly reversed his economic field, to the shocked surprise...
...same time Mr. Verity asked his stockholders to approve a timely bit of financial thrift in the form of a $45,000,000 preferred stock issue. Part of the money will be used for expansion, including a rolling mill in Australia, the rest for retirement of outstanding bonds and old preferred stock. The refunding will probably save the company something in money costs and leave it in that rare position, a steel company virtually free of funded debt...