Word: billion
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Dates: during 1950-1959
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Behind President Eisenhower's pledge of a "great peaceful crusade" lay hardcurrency news: the Administration's foreign-aid chief, Under Secretary of State C. Douglas Dillon, is planning to ask the new Congress that convenes in January to appropriate $1 billion for the Development Loan Fund instead of this year's $700 million. Atop that, Dillon will urge Congress to okay big increases in U.S. commitments to the World Bank and the currency-stabilizing International Monetary Fund. "The most important economic question facing the U.S.," says Dillon, onetime Wall Street investment banker who served four years...
...crisis' root was Argentina's oil problem. With coal supplies meager and hydroelectric sources remote, the nation runs on oil; it burns 250,000 bbl. a day to power factories, move trains, heat homes, cook food. An estimated 2.3 billion-bbl. oil reserve lies underground, but the government oil monopoly, Y.P.F., has only enough resources to produce 35% of the country's requirements. Dollar-short Argentina spent more than $300 million last year to import the rest. Frondizi saw only one solution. Risking the wrath of nationalistic Peronistas (and nationalists in his own Radical Party), he negotiated...
...improve them. Speaking to alumni of the University of Pennsylvania's Wharton School of Finance and Commerce, Joseph Peter Grace Jr.. 45, noted the hemisphere's close ties, both economic ("It is the area where we have the largest direct private investment abroad-almost $9 billion") and historical ("Our people all came here, primarily from Western Europe, in search of freedom and opportunity...
...reason for the steady market rise is heightened demand for a short supply of stocks. Though the average daily volume of stocks has more than tripled in the last ten years to 4,000,000, the number of shares listed has increased only 2½ times, to 4.9 billion. This year the situation has worsened; with industry operating below capacity in the recession, it had little need to go out after additional capital to expand. Result: the New York Stock Exchange added only 112 million new shares for the first nine months this year, compared to 271 million added...
CONSTRUCTION BOOM will lift building outlays 7% to an all-time record $52.3 billion next year, say Commerce and Labor departments. Increases in highways (to $6 billion) and housing (to 1,200,000 units) will account for 80% of the gain...