Word: worth
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Dates: during 1950-1959
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...dream aircraft that takes off vertically like a helicopter, but flies horizontally like a proper airplane, is gradually coming true. Last week, at Fort Worth, Bell Aircraft Corp. showed a prototype convertiplane. It looks like an airplane, but it has two helicopter rotors projecting from nacelles on the tips of its stubby wings...
Joseph H. Hirshhorn is a fast-talking cigar-chewing promoter from Brooklyn who quit school at 14 to support his mother, was a millionaire at 29 and now, at 55 says he hasn't the faintest idea how much he is worth. "After the first million," explains Hirshhorn, "unless a man loves money, it's all meaningless." Last week Promoter Hirshhorn signed a multimillion-dollar agreement that had plenty of meaning, as well as money, for him. The deal will make him the No. 1 uranium producer of Canada, if not the world...
...Algom's production will go to the Canadian government. Last week the company announced that it had won a contract to sell $207 million worth of uranium to the government by Dec. 31, 1961, almost three times the amount of the contract given Gunnar Gold Mines, the biggest current potential producer...
...Algom, of which Hirshhorn owns a million shares (36%), Preston East Dome 1,250,000 (45%), Hirshhorn's friends another 100,000. and the public only 400,000 shares. Last week, with Algom stock selling at around $16, Hirsh horn's direct and indirect holdings were worth about $20 million on paper...
...government is reported to be paying between $18 and $20 a ton for it. Estimated profit to Algom under the contract: $100 million. And that, says Hirshhorn, is only the beginning: "We're thinking in terms of 50 or 60 years. Our indicated reserves are worth between $2 billion and $3 billion. I'm just sittin' on eggs, waitin' for them to hatch...