Word: discounters
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Dates: during 1960-1969
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When a U.S. bank wants to raise cash, it can sell some Treasury bonds, issue certificates of deposit, or repatriate Eurodollars from its branches overseas. If it is a member of the Federal Reserve System, it can also appeal to "the lender of last resort"-the system's discount window. The price is high. Besides paying interest, currently 51%, the bank must submit to scrutiny that is even closer than usual. As a result, only 1% of credit extended to the banks has been passing through the Fed's discount window in recent years...
...study also proposes that the Federal Reserve discount rate be made more flexible to 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...
...most dramatic expansion has come in high-profit, nonfood lines. Unlike other food chains, which are often content to put general merchandise on the grocery shelves, Jewel early chose to diversify in depth by acquiring the Midwestern-based Osco chain of drugstores and Boston's Turn-Style discount stores. Under Jewel, Osco has grown from 30 stores to 133, Turn-Style from four stores to nine. A growing number of these outlets now are situated under the same roof as grocery operations, providing shoppers with one-stop service for everything from canned peas to cameras, drug prescriptions to complete...
...backed by gold, shares with today's Deutsche mark the unqualified confidence of international businessmen, financiers and speculators. Because investors now prefer bonds floated in German marks to those denominated in U.S. dollars, most mark issues are selling above par, while dollar bonds go at a discount in Europe. During the March gold crisis, there was such a rush to change other money into marks that foreign accounts in West German banks swelled by a net $285 million in a single week...
Botched Again. Law-enforcement men working on the case tend to discount such theories. A senior Justice Department lawyer is conducting an undercover search for leads to a plot among Memphis underworldlings, but local police and FBI agents-who first hunted the suspect as a member of a conspiracy-are working on the assumption that Ray, a known racist and always a loner in prison, killed alone...