Word: discount
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Dates: during 1960-1969
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...raising the U.S. discount rate from 3-s% to 4% in response to a hike in the British discount rate-the interest that central banks charge their members-the Federal Reserve Board showed how closely interwoven have become economies that are oceans apart. By helping to rescue the faltering British pound (see THE WORLD), the U.S.'s money managers demonstrated how tightly bound together are the fates of the Western world's two major currencies. "It was an orderly operation all the way," said William McChesney Martin Jr., chairman of the Federal Reserve, "and showed that the bankers...
With Resignation. The U.S. had little choice but to do what it did, and it moved with skill and speed. The British raised their discount rate from 5% to 7% to strengthen the pound against banks and corporations that were dumping it in fear of possible devaluation, and against speculators who sold short in the hope that the pound would be devalued and they could later buy it back at depressed prices. The rise meant that the British rate would be twice as high as the 31% U.S. rate, and, as one Swiss banker put it, "7% would drag money...
Usually reliable sources indicate that significant changes in the Doty report are sure to be made if it passes. They do not discount the possibility that the report will be completely rejected...
Pheasant & Paperbacks. Most of the chains have begun to emulate the discount, drug and department stores that in recent years have lured away some of their traditional lower-priced business. This week Kresge will open seven more of its big K-Mart discount houses, bringing the total to 88 out of a chain of 870 stores. Last week Grant (1,097 stores) started building another of its huge Grant City stores, which are so much like department stores that they sell color TV sets and high-fashioned clothes. J.J. Newberry (548 stores) has opened 24 department stores under the name...
...Securities and Exchange Commission, the president of the New York Stock Exchange urged tighter rules for a controversial sector of the business. He was aiming at the "third market" (the other two: the exchanges and the over-the-counter market, which deals in unlisted stocks), a sort of discount house that handles off-the-floor trading in stocks listed on the New York or American exchanges. Its more than $2 billion volume is still small compared with the regular exchanges (about 3% of the Big Board's), but the third market is growing steadily-and has so far escaped...