Word: spinned
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...aircraft industry learned last week that the Defense Department would pay its bills after all. To 28 major airframe and missile contractors, Defense Secretary Neil H. McElroy sent a telegram rescinding the harsh 25% reduction in progress payment on contracts that recently threw manufacturers into a tail spin (TIME, Oct. 28). In its place, the Defense Department announced a new, less rigid series of payment "targets," under which the planemakers would get at least 80%, and possibly 90%, of their costs for work in progress...
Five years ago this industry-transportation hub of New Jersey threatened to spin out the best remaining elements in town. Newark's long-entrenched, pie-splitting, five-commissioner government was whirling merrily along, copying notorious Jersey City in petty graft and inefficiency. In despair, big insurance companies (Newark is the U.S.'s second-largest insurance city) took out options on suburban sites, blueprinted plans to take their bulky payrolls out of the city. Then early in 1953, a handful of worried citizens, encouraged by the Newark News, sat down to map a counterattack against apathy and decay. Says...
...sagging strip joints, Toshiko Akiyoshi demonstrates that she need not rely on costume for her success. Her own songs-Between Me and Myself, Kyo-Shu (Nostalgia), Blues for Toshiko-come out with a wide, swinging, masculine beat that reminds some listeners of Bud Powell; the rhythmic ideas spin out loose-linked and limber, hazed with a nostalgic mist as delicate as watered silk. It is clearly some of the best jazz piano around...
...crowd and killed 83, they turned the drivers loose; a man could carry enough fuel to keep his throttle foot on the floorboard as long as he dared. And almost as if they had forgotten, too, some 250,000 spectators crowded close to the barriers to watch the cars spin past...
...separate golfers from speculators, the club finally spun off a subsidiary oil company called Westla, gave one share of stock each (estimated value: $2,000) to 802 regular members, thus detached the mineral rights from club membership. The Westla spin-off is expected to drop non-oil club memberships to $6,000. Westla will open drilling bids next month from oil companies, who will ask city permission for 30 wells on the 311-acre club. If the city approves, Westla will collect at least 32% royalties; the club will get $50,000 annually for ten years. For those golfers...