Word: deficits
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Dates: during 1950-1959
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...seats. Scene: the city's 4,000-capacity Plaza Porticada, a onetime bull ring, canvas-roofed for the occasion. Among this year's impressive attractions: the Orchestre de la Suisse Romande, the Royal Opera Ballet of Stockholm. The Spanish government underwrites the festival's annual deficit of 2,000,000 pesetas (some $60,000), pegs prices so low that fishermen and day laborers by the thousands can attend...
...With no trouble at all the sociology-minded will be able to find in Happy Knoll a microcosm of American society. The women are aggrievedly aggressive; the young are unruly and pampered; the dining-room help is incompetent; advertising men (speechwise, they are horrifying) are closing in; the club deficit mounts; free enterprise must sometimes be disguised with a sort of private welfare statism, as when the critical caddie shortage is solved by establishing the Caddies' Revolving Incentive Fund. And the rapacious golf pro, who year after year keeps promising his customers that their game will improve...
Soak the Rich. Having already borrowed the legal limit from the Bank of France and hoping to borrow more to offset the government deficit, Mollet had encountered Bank of France Governor Wilfrid Baumgartner, conscientious keeper of the country's precious bullion reserves. Said smooth, silver-haired Baumgartner: "I want collateral-taxes. And quickly." Mollet's answer: a soak-the-rich tax program that hit corporation earnings, dividends and inventories, added four francs per liter...
...Frederick Marcus Farwell, 50, resigned as president and chief executive officer of ailing (first-quarter deficit: $624,978) typewriter-maker Underwood Corp., moved on to a new job as an executive vice president of International Telephone & Telegraph Corp. Chicago-born, Yale-educated ('28) Farwell was an executive at International Business Machines and waxmaker S. C. Johnson & Son before taking over Underwood's presidency in 1955 with the job of reorganizing the company from top to bottom. When the company continued to lose money and Underwood's board of directors turned down a proposed merger with National Cash...
...there was a significant rise in the price of the gold Napoleon, a coin that Frenchmen traditionally buy when they become nervous about their country's currency. Suggestions that the franc be devalued* were described by Mollet as "crime and imbecility.'' Although his government faces a deficit of about $2 billion to $3 billion, the hard core of France's gold reserves ($860 million in bullion) remains untouched so far. Mollet announced that he would demand a vote of confidence (his 33rd) on his fiscal plan...