Word: stocking
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Dates: during 1960-1960
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...backed by 38% in gold instead of 25%. The Federal Reserve Board can suspend the backing indefinately in a real emergency, thereby depriving it of any solid gold status. Yet the reserve provisions leave so little gold left for international settlements-about $6 billion of the nations $18 billion stock- that when the level drops, foreign bankers get nervous and turn their balances in the U.S. into gold, thus speeding up the outflow...
...chips and let his profits rise. He is the largest single stockholder in the Woolworth Co., in the New York Central, in Manhattan's Manufacturers Trust Co. as well as in Alleghany. Alleghany not only controls the Central and I.D.S. but also owns 51% of the Class B stock of the Missouri Pacific Railroad...
When Young died, Kirby simplified the company's capital structure, placed the preferred stock on a current-dividend basis and let Alleghany's cash board build up. His reluctance to put Alleghany's cash to work caused a break with the Murchisons, as well as Young's widow who sold her stock to the Murchisons to abet their proxy battle...
...complaints about his unimaginative management of cash-heavy Alleghany, Kirby replies that when he took over after Young's death, the stock was selling at 4⅞ but is now selling at 9⅞. Kirby, who believes that the current slump is more serious than most people think, sees no point now in speculating. "In today's market," he say," we make money by not investing...
...extend his road across northern Ohio east of buffalo, and west to Chicago and St. Louis, he wants to merge with the New York, Chicago & St. Louis (Nickel Plate) Railroad through an exhange of .45 of a share of N. & W. stock for one of Nickel Plate's. To close the 111-mile gap between the end of his tracks at Columbus and the Nickel Plate's at Sandusky, he wants to buy the Sandusky Line from the Pennsylvania Railroad for $27 million. Finally, to push his network into Michigan and west to Omaga, he plans to lease...