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Gold/Mining/Energy : Echo Bay Mines, anyone (anyone) ((anyone))?
ECO 33.52-0.1%Nov 7 9:30 AM EST
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To: Cato OLSEN who wrote (24)2/3/1997 4:35:00 PM
From: william smith   of 300
 
Business Week magazine, in its February 10 issue, says that some US
companies are piling up cash, which may be a problem as there is an
enormous temptation to waste, according to University of Chicago finance
professor Steven Kaplan. Writers Andy Reinhardt, Linda Himelstein, Joseph
Weber and Kathleen Kerwin note that General Motors recently disclosed it
ended 1996 with cash reserves of US$17 billion, while Chrysler has US$7.8
billion in cash. Echo Bay Mines had US$145 million of cash and equivalents
as of September, equal to 41 per-cent of revenues. The worry is that many
companies are taking in cash so fast that they cannot spend it efficiently.
The nation's more agile dealmakers rarely sit on cash for long. Some
companies, such as Boeing and the Big Three auto makers, plan to keep huge
cash reserves to see them through the next economic downturn. Companies in
cyclical businesses learned the hard way the last time.
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