Word: investment
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Dates: during 1950-1959
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...Kefauver Committee Report on Organized Crime paints Russian-born Meyer Lansky, 55, as one of the six top U.S. hoodlums: bootlegging, gambling on both coasts, many a link to Murder, Inc. From Batista Lansky got a dream decree for enterprising crapshooters willing to invest abroad. The government waived corporate taxes for ten years, canceled customs' duties on imported gaming equipment. Under certain conditions it offered to back casinos in nightclubs or hotels worth more than $1,000,000. The Minister of Labor, whose brother turned up this year owning a cut of one big new casino, obligingly ruled that...
...troubled railroads, they will see still another 5% to 7% drop in passenger traffic, while freight car loadings will show a continuing, but smaller (less than 10%), decline than in 1957. U.S. industry's headlong expansion will taper off in 1958; industry will invest only $34.5 billion in new plants and machines, down 7% from 1957. Autos, aluminum, machinery and many others are planning fewer additions. But utilities, which never caught up in 1957, will have to pile on another $200 million increase to $6.5 billion next year. Many steelmen are also pushing ahead despite lower operating levels. Says...
...Corp. made Alaska's first big oil find in the nearby Kenai national game preserve (see map). So promising was the well (900 bbl. a day) that the companies are prepared to sink $100 million into the search for more. If they are just moderately successful, they will invest another $200 million in production, refining, transport and storage facilities. This would bring in still other industries, open a bright new era for Alaska that might well make the territory selfsupporting. But last week the best-laid plans of the oilmen were held up by a single, formidable obstacle...
...diamonds but in gold that Ernest Oppenheimer got his first big break. Teaming with American Engineer W. L. Honnold, he went to London, explained the gold-mining possibilities of South Africa's East Rand district, persuaded J. P. Morgan & Co. and other firms to invest nearly $5,000,000 in their projected Anglo-American Corp. of South Africa...
...company's stock, and Hertz Chairman Leon C. Greenebaum, 49, and Hertz President Walter L. Jacobs, 61, will run it. Not only will American Express cash in on the potentially rich market for foreign-car rentals, but the deal also calls for it to invest in Hertz Corp. so that it can participate in domestic profits. Express is buying 25,000 Hertz Corp. common shares at the current market price, has an option to buy 75,000 more over the next four years for no less than 42-7/8 or no more than 60g each. Says American Express...