Word: commonness
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Dates: during 1950-1959
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...Firmly endorsed and sometimes led the massive continental surge of U.S. allies in Europe through private-enterprise prosperity toward greater political-economic unity, symbolized by the six-nation European Common Market, which goes into effect this week...
Immediate cause of this coordinated shake-up was a portentous rumor that began to buzz through Europe's chancelleries as 1958 waned. To celebrate the inauguration of the Common Market, so the story ran, West Germany planned to make the Deutsche Mark freely convertible currency-a move that might well transfer the banking capital of Europe from London to Bonn...
Whether they dreamed of it or dreaded it, the statesmen of Western Europe had all come to accept the fact that a new era will dawn on New Year's Day 1959, when the long-planned European Common Market finally begins to forge France, West Germany, Italy and the Benelux nations into a single economic unit. Last week, in dramatic preparation for the new era, ten European nations carried out at one fell swoop the most far-reaching international currency reform since World...
...market for 470 or worse, General de Gaulle's government was already faced with one harsh fact: unless the official value of the franc were brought into line with its true value, French products would be too highpriced to compete freely-as they must within the six-nation Common Market-against those of Germany, Italy and Benelux. Now, in addition to devaluing the franc, France had also to make it convertible-or else face a capital flight away from the franc to the convertible pound or Deutsche Mark. Unlike Britain, whose gold and dollar reserves are at a seven...
...that trading had to be suspended for 1½ hours. When it was resumed, A.T. & T. sold at $225 a share, up $23. Earlier in the year A.T. & T. had another profound effect on the market. In September, it decided to put $260 million of its pension fund into common stocks. It was a signal that to one of the most conservative investors in the nation, stocks were not only respectable but prudent investments...