Word: cashing
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Dates: during 1980-1980
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...Congressman contends that all the cash donations were legal because they went to pay for the party and defends such collections in Wilsonian style. "You think I got money?" he asks. "You should have seen my son's wedding. He married an Italian girl, and Momma stood at the door with a bag in her hands. They made out like bandits...
...politics. One of the prime candidates for the ax, for example, was the revenue-sharing program under which Washington doles out $6.9 billion annually to state and municipal governments. The program has been severely criticized as an unnecessary subsidy to local and state authorities, who often have more spare cash and enjoy sounder fiscal conditions than the Federal Government. But Governors and mayors launched a full-court lobby last year, and the program will remain intact. The vast majority of Democratic big-city mayors now support the President's reelection...
...haste to cash in, some dealers are heaving precious pieces into the melting pot. Says John Culme, head of the silver department at Sotheby Belgravia: "People did the same thing during the Great Depression. Really wonderful Victorian centerpieces, tea sets and even 18th century dinner plates were melted down and lost...
Sellers have discovered that the price their silver fetches as scrap from retail dealers is only a fraction of the spot, or quoted, price for the metal. This spread between scrap and spot prices has been widening because chaotic markets make dealers reluctant to tie up too much cash in expensive inventory. A year ago, when silver was quoted at around $5 an oz., dealers paid customers $3 or $4 an oz., but when silver recently nudged $50, nervous dealers in the Los Angeles area were offering only $10 to $20 an oz. for scrap and sterling flatware...
Dealers pay cash, and then they deliver the scrap to the few smelting companies that have the special furnaces capable of reaching the extraordinarily high temperatures that burn away alloys. Before the dealers are paid, they must wait until the metal is melted down, assayed, and formed into bars by the refiners. In the mean time, dealers take bank loans to finance their inventories. But what used to be a wait of a few weeks for payment has been lengthening to four or five months as the smelters dig out from under growing backlogs. One Manhattan dealer bought so much...