Word: discounters
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Dates: during 1960-1969
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...Computing Center now has six computers, five of which come from IBM. It owns only two of these, and will sell one back to IBM when it rents the new machine. The Center bought the old computer at an educational discount of 60 per cent. The new one will be rented at a smaller discount...
...Discount Prices. Last week Mates suffered an abrupt setback. He was threatened with a sudden run on his fund by investors wanting to turn their shares in for cash, and got unprecedented permission from the Securities and Exchange Commission to shut down for an "indefinite" period. With that, some 3,000 shareholders were locked into the fund. Though Mates' fund is a fairly small, if certainly spectacular member of the U.S. mutual-fund business (total assets: $55 billion), his travail is likely to make investors just a bit more skeptical about some forms of investment...
...investigation of Omega got out to a few well-informed investors, who quickly turned in their Mates Fund shares. Strapped for cash, Mates was forced to endure the fund manager's ultimate humiliation: he had to call on other funds to peddle parts of his portfolio at discount prices...
...signs of a slowdown ahead, the economy so far has resisted all attempts to curb its expansive excesses. Congress belatedly passed a 10% income surtax in June, but production and demand-and prices -only kept moving higher. From November 1967 through last April, the Federal Reserve Board raised the discount rate three times, boosting it from 4% to 5½%, a 39-year high. The board later dropped the rate to 5¼% , but last week, declaring a new assault on inflation, it lifted the rate again to 5½%. Whether the rise will have any rapid effect is debatable...
Still, it was plain that sentiment within the Administration was overwhelmingly for a pause. From Paris, Averell Harriman was one of the first to advise that the opportunity should be grasped at once. Though nobody knew what Clifford told the President in private, studies from his staff tended to discount the value of continued bombing. "The results were so impressive," said one official, "that no one bothers to argue any more." Deputy Secretary of Defense Paul H. Nitze was said to share the antibombing predilection...