Word: cashing
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Dates: during 1960-1960
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...Starting in 1958, under De Gaulle's Constantine Plan to encourage the Algerian economy, dozens of new industries have moved across the Mediterranean to Algiers to take advantage of low government loans (3% interest on up to 40% of the required capital), a ten-year tax exemption, and cash payments for every new job created. To date 269 firms (among them: Michelin, Renault, Unilever) have made the journey-so many that government officials worry about overcrowding in the city. But it is safer and more pleasant in Algiers than out in the sticks, and Frenchmen have the feeling that...
...another man might collect sculpture. In 1939 he paid $1,900,000 for two Syracuse papers after a single telephone call from a broker. Says Newhouse: "He called and said, 'Do you want to buy Syracuse?' And I said, 'Sure.' " Newhouse paid $5,250,000 - cash - for the Portland Oregonian without ever seeing the plant. Newhouse's cash re serves are so plentiful, his acquisitiveness so indefatigable, that last year he bought a $5,000,000 controlling interest in Conde Nast Publications, which publishes Vogue and five other magazines, as a surprise anniversary present...
...return. This combination-low yield, diversified ownership -is just the situation that Newhouse likes to exploit. He has had an eye on the Post for five years, but paid his first visit to Denver only two weeks ago. As usual, Newhouse's offer was made in cold cash. He offered $240 a share-a total of $3,600,000-for the 15% block held by Bonfils' daughter May-now Mrs. Charles E. Stanton-an offer that Mrs. Stanton and her husband, a Denver interior decorator, found irresistible...
...swampy wastes, Freedomland opens next week. Billed as "the world's largest outdoor entertainment center," it rises out of a former garbage dump, is nothing less than a replica of the continental U.S.A., 833 yds. from parkway to shining parkway, with coconuts in Florida, corn in Iowa, and cash registers from Oregon to Maine...
FROM speedy new quadrupod jets and slower prop planes, from fast liners and converted wartime Victory ships, 500,000 Americans will land in Europe this summer in the greatest tourist invasion in history. With curiosity and half a billion in cash, they will wander from the all-night-sun Lapland, north of the Arctic Circle, to the stoned isles of the Aegean. Some will tramp through cathedrals, others will look for the high life, and many will exhaust themselves trying to combine some of both. But Americans in Europe in 1960 are in for some surprises...