Word: bank
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Dates: during 1950-1959
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...legislation and legislators he belabored had no desire to change labor's hard-won basic rights. Today's miner, at $24.25 per diem, could hardly be called downtrodden. (Nor could John L. Lewis, still the $50,000-per-year U.M.W. president and a power in the National Bank of Washington as well.) The concern of Congress and of the U.S. in 1959 is the gangsterism and brutality that infest the unions and threaten the working man. With oratory and belligerence out of the past, John L. Lewis was fighting for a cause already won, defending a crime against...
...described by Dr. Kantrowitz last week, Avco's miniature sun is a tube 30 inches long filled with very low-pressure gas. When a 4 billion-watt electrical spark from a bank of condensers is discharged across the end of the tube, the magnetic field that surrounds it should expand-so said Gold's theory-into the tube, pushing the gas ahead of it in a small, tame version of a solar shock wave...
...rules also bring convertible debentures under margin rules for the first time. After converting the debenture into stock, the investor has 30 days to supply the 90% margin. The Fed will also keep a close watch on bank credit, which has been used to get around margin requirements. Banks often lent up to 50% on stocks. Now, if the bank lends more than 10%, both a bank officer and the borrower must sign a statement that the funds will not be used to buy listed securities...
...week's end the rates went up. Major New York banks hiked their prime interest from 4% to 41%, equal to the prerecession level. The boost reflected heavier demands for bank loans by both business and consumers, also brought loan rates into line with yields on bonds. Most bankers now expect that the Federal Reserve will raise the discount rate from its current 3%. As interest rates climb, they will drive down farther a market already at a historic...
...station in Cambridge last week began to receive transatlantic radio messages bounced off the moon by a huge British radio telescope. The U.S. Air Force Research Center here picked up Morse code messages relayed off the surface of the moon from the British transmitter at Jodrell Bank. Later messages have been direct voice transmissions...