Word: centrally
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Dates: during 1960-1969
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Combined with the new Central Certificate Service, which will eventually allow brokers to leave all stocks traded among themselves in a central clearinghouse, computerized certificates should go a long way toward streamlining back-office operations on Wall Street. But skeptics wonder whether the new measures may not be too late. Due to the paper work glut, brokers are often unable to deliver securities within the legal five-business-day period. Though such "fails" have not yet been a serious problem, technically they now represent a $3.24 billion debt owed by firms caught short of certificates. The situation could become critical...
...easing of the gold drain can be partially attributed to the success of the four-month-old "two-tier" price system. Under that arrangement, the U.S. now sells bullion at the official $35-per-ounce price only to foreign central banks, thus forcing private speculators to purchase gold on the open market. Gold fever has also been dampened by the fact that France is no longer in a position to cash in dollars for U.S. gold. On the contrary, a good part of the gold that has flowed into the U.S. comes from France, which has been forced...
...keep in line with other money-market rates. The rate could be changed as often as once a week, said Federal Reserve Board Governor George W. Mitchell, who headed the board's study group of ten. In the recent past, discount-rate changes were watched chiefly by foreign central bankers for evidence of U.S. resolve to tackle its balance of payments deficit. In the past nine months the rate has been upped three times, from 4% to 51%. This was interpreted abroad as an encouraging sign of stringency in U.S. monetary policy...
Last year 2,200,000 U.S. families tried air conditioning for the first time. This year the industry expects to sell 3,500,000 window units or central home air conditioners worth $1.6 billion. Sales have doubled in five years, and on window units alone...
This time Behrman's vision of man's folly is acted out against the Nazi takeover of Central Europe, and the cast is varied and larger than could possibly be packed on a stage. The hero Stanley is a young Jewish playwright from Ohio, talented but vain, who is battening on the smash success of his first Broadway comedy. He falls in love with Stephanie von Arnim, a beautiful, aristocratic Austrian actress, and goes to live in her Salzburg castle with the hazy intention of fashioning a comedy for her talents and her accent...