Word: borrowings
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Dates: during 1970-1979
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Faced with a severe postwar capital famine, all industry had to borrow heavily from government-regulated banks. Even today, Japanese companies generally get more than 80% of their financing from loans and less than 20% from sale of stock?about the opposite of the ratio in the U.S. Nagano estimates that Nippon Steel's debt is equal to what four or five American steel companies would owe. To a Western executive that might seem to leave the economy extremely vulnerable to a Penn Central-type collapse. Japanese find that being in hock has its advantages: corporate Pooh-Bahs...
...their isolation, the 1,400 delegates (420 of them adults) were soon blanketed by more than two feet of snow that fell on the site near Rocky Mountain National Park. While manfully debating the great issues that a preconference poll showed are most troubling youth, the delegates had to borrow Army parkas from nearby Fort Carson and improvise boots from chartreuse plastic grocery bags...
...forces opposing abortion are developing their own battery of sophisticated ethical arguments. Some are old theological positions updated; others borrow from Western legal tradition; still others offer modern sociological, medical and scientific evidence. All of those arguments are examined in three solidly reasoned books that share one bias: a pronounced concern for human life, including fetal life...
Block That Squeeze. The phenomenal decline of loan interest rates shows that the price of money remains highly sensitive to supply and demand. Banks are flooded with funds because the Federal Reserve Board has been expanding the money supply, but few companies want to borrow while business remains slow. Instead, corporations are floating long-term bond issues in order to raise funds to repay short-term loans that carry last year's steep rates. This month's offerings are expected to set a new record of $4.6 billion, topping the previous peak of $3 billion last May. Company...
...consequence of the rush into bonds is that rates on long-term corporate issues have rebounded from a January low of 6.8% to about 7½%. The extra cost deters few companies. "They borrow when they need it, and not because the rates are down," says Economist Tilford Gaines, of New York's Manufacturers Hanover Trust Bank...