Word: cashing
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Dates: during 1950-1950
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Danger. He never quit plunging, and the Shamrock, his big chemical company (which is reported losing money) and his endless drilling ventures have been great financial drains. Last week Houston was alive with a titillating rumor: that its most flamboyant citizen was strapped for cash. In the last few years, McCarthy has borrowed $50 million from big insurance companies, using as security his vast oil reserves (calculated at from 100 to 200 million barrels). The trouble with reserves is that they are still underground. With oil prices falling and recent sharp cuts in oil production quotas ordered by the state...
...Frank A. Seiberling liked to be called the "Little Napoleon of Rubber." In 52 years in the business, F.A.'s career had as many patches and punctures as an old inner tube. He founded the Goodyear Tire & Rubber Co. in 1898 with $3,500 borrowed cash, made it the world's biggest tiremaker. But in the 1921 slump he lost control of his company...
Waltham was soon short of cash again, chiefly because around $3,000,000 of RFC's loan went, in effect, to pay off old Waltham loans from four banks. (On their part, the banks had written off $1,000,000 in loans.) RFC earmarked another $2,000,000 for purchase of new machinery. Of the remaining money, all but $500,000 went to pay off Waltham's other debts and taxes. When Waltham tried to get more working capital by borrowing on the $2,000,000 machinery fund, RFC said no, and the company had no choice...
...finance the latest deal, Henderson had already sold the Lord Elgin (for $2,450,000 in cash), and the Sheraton Hotel in Philadelphia and was negotiating to sell the Sheraton in Newark, N.J. He expects to sell Toronto's Ford soon. If such quick changes were bewildering to Sheraton stockholders, they had also proved profitable: in the chain's last fiscal year ending in April 1949, Henderson had boosted the net from $1.6 million to $3.3 million after taxes. At the latest count, he figured his Sheraton Corp. had 31 hotels in 26 cities. His pride: Manhattan...
From his filthy headquarters on the Thames waterfront, a shed where he is vainly struggling with a mural of The Fall, Gulley sallies forth to bleed the rich like an impecunious vampire ("Artists," he says, "owe a debt to millionaires that can never be repaid, except in cash"). His only lucky break comes when he invades the swank apartment of a holidaying rich man and, after jimmying the food closets and the wine cellar and pawning the silver service, dreamily proceeds to daub The Raising of Lazarus on the wall over the antique sideboard. But in two ticks Gulley himself...