Word: boom
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Dates: during 1950-1959
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Detroit's auto industry, which started its 1960 model year with such a boom (see Autos), faces another two months of bust. Ford Motor Co., which makes 40% to 50% of its own steel, is in the best position, but it has only enough steel to last into early December at reduced production rates. Chrysler, already operating on a four-day week, will probably have to shut down completely by late November. American Motors expects to continue at its present high production rate. Studebaker-Packard also hopes to get by without any cutbacks. General Motors is just about shut...
...standards, Europe's supermarket boom is still in its infant stage. Most of the new self-service stores are not super-duper markets in the giant, U.S. sense, rarely have more than 3,000 sq. ft. of floor space (v. 10,000 for the average U.S. super), stock only an average of 1,000 to 2,000 items (v. 5,600 in U.S. markets). Some stores still do not sell frozen foods, leave the meat to the outside butcher; only a few are big enough to produce their own brands of canned goods. But they all have one thing...
...pound was restored so quickly that only $250 million of the money was actually borrowed-on ?300 million security posted by Britain, to be repaid at 4.5% in ten installments from 1960 to 1965. Last week, with Britain's economic rebound having turned into a full-fledged boom, and the first favorable balance of trade with the U.S. since 1865 (TIME, Aug. 31), Chancellor of the Exchequer Derick Heathcoat Amory proudly announced in the House of Commons that Britain was immediately repaying all $250 million, plus $5,500,000 in interest, an impressive 5½ years ahead of schedule...
Founded in 1892 at the height of the Wisconsin timber boom, Northland began as a flourishing Congregationalist secondary school. When pines and people dwindled, it became a fading nonsectarian college. Gus Turbeville inherited a huddle of Victorian buildings, an unaccredited school without entrance requirements, a refuge for flunkees from other colleges. More than one trustee said to him: "I'd like to resign as soon as possible...
...more jiggling of rates when holiday financing steps up and the steel strike ends. But, he says hopefully, "there is a good likelihood that the worst pressure on rates is past. A sustained strong upward force is unlikely." He does not think that tight money will harm the boom: "The supply of money and credit is not exhausted. The banking system is heavily loaned, but not loaned up." He is not concerned about high money rates, points out that for long periods short-term rates wrere actually above long-term yields. Says he: "If we are to preserve our free...