Word: discounter
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Dates: during 1950-1959
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...agreed that the purpose of a world's fair is to give a still picture of the turning world, then we can discount criticisms that the Fair lacked a unified theme, that there was a spirit of Cold War and not one of cooperation, and even that hot dogs were too expensive. Diversity, Cold War, and inflationary prices typify this year; and if these were evident at the Expo, it is not a short-coming. They merely added their bit in staging the drama, "World...
This fear of bad publicity was unnecessary, for in regard to the Summer School itself, there is little concrete to criticize. One must discount the few who would turn up their noses at punches and forms sprawled over the grass, and although one observer noted that the School was "a world where all taste was poor taste," there were few at or around the School who would agree. Whatever students' reasons were for attending the school (the News poll indicated that most were academically motivated, but thought their classmates came for social reasons), most students benefitted in some way from...
With such proof of recovery before it, the FRB last week continued tightening credit, gave the New York, Cleveland, Richmond and St. Louis Federal Reserve Banks permission to up the discount rate from 1¼% to 2%, continuing the upward move initiated by the San Francisco Reserve Bank (TIME, Aug. 25). The earlier rises brought no change in the prime rate (i.e., the interest charged customers with blue-chip credit), which is set by New York banks that make 20% of bank loans to business. But as soon as the New York Federal Reserve Bank raised its discount rate...
...orders, inventories (see below). Every major industry counted in the Federal Reserve Board's index of production has boosted output from the low of last spring. The Fed felt recovery had progressed far enough to permit two more of its district banks, Minneapolis and Chicago, to raise their discount rates from 1¾% to 2%. Wall Street snorted bullishly at these figures, at midweek sent Dow-Jones industrials to the year's high of 513.71, just 7.34 points off the alltime peak of April...
...Treasury floated a $16.3 billion issue of one-year certificates, the FRB had to support the market by buying $1.2 billion of it, thus adding to the credit supply. Then it tried to tighten credit by sopping up the extra funds and permitting its banks to boost their discount rates. For the debacle in bonds, whether brought on by fumbles by the Treasury or the surprisingly quick turnabout in the economy, the Treasury is being bitterly blamed. Said Armand Erpf of Carl M. Loeb, Rhoades & Co.: "I suppose the loss of several billions of dollars in bond values...