Word: borrowings
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...direct result of the gold emergency, the Federal Reserve Board has already raised the discount rate-the interest that Federal Reserve banks charge member banks to borrow money-from 4½% to 5%. That increase will make loans less avail able-and more expensive. Very shortly, people seeking a bank loan for a car, a trip or a color TV set will probably find that it is costing them more in interest than it would have last week; those with less than gilt-edged credit ratings may find it impossible to borrow from a bank. The same principle applies...
Suburban Outflow. By whatever name, what is happening in Virginia is enough to unstatus the quo from Accomac to Yorktown. Not only did the assembly approve a record two-year budget of $3.13 billion, up 27.5% from 1966-68; it also gave Godwin authority to borrow $81 million of it. If voters approve in a November referendum, Virginia for the first time this century will float a general obligation-bond issue, a routine fiscal expedient long employed by all but a scattering of states...
...spirit if not in style, the Joffrey troupe owes an intellectual debt to the work of Balanchine. At least four other companies have been created by former Martha Graham dancers, who nonetheless reject as much as they borrow from the grand guru of gyration. Not that she minds. "I am particularly pleased," she says, "that there are no replicas of me in the field. Everyone should be doing something else, meeting their own challenge." In other words, echoing the hippie maxim, do your own thing. That they have-and their disparate styles might well be summed up as Tuned...
...their accounts. C & S also moved headlong into travel services, now ranks as one of the South's largest travel agencies. One of the first major banks to issue its own credit card, C & S was first to offer the "instant money" privilege that entitles holders to borrow against their cards. After all, reasoned Lane, if the bank's card was good for charging $25 in merchandise at a store, "why couldn't it be used for charging $25 of what we're selling-money...
...rush to borrow abroad seemed perfectly predictable after President Johnson, in his New Year's Day package of balance of payments restrictions, prohibited U.S. companies from sending dollars overseas for investment in Western Europe. Still, it came as a surprise to financiers on both sides of the Atlantic that the rush for Eurodollars-U.S. dollars already in foreign hands-expanded into a wild stampede...