Word: drainings
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Dramatic Gesture. Off to Bonn flew Treasury Secretary Robert B. Anderson to talk like a Dutch uncle to Chancellor Konrad Adenauer, demanding that the prosperous West Germans help stop the steady drain of U.S. gold reserves, which last week dipped below $18 billion for the first time since 1940. Anderson's major demand was that Adenauer shoulder the costs of keeping U.S. troops in West Germany-some $600 million per year. The Germans refused, making some promising counteroffers (see FOREIGN NEWS), but under the rigid terms set by Anderson himself the mission had to be counted a failure...
...vacation at Augusta, Ga. suddenly perked up last week when Treasury Secretary Robert B. Anderson and Defense Secretary Thomas S. Gates flew in from Washington for a 2½-hour huddle with their boss. Pressing topic: the U.S.'s nagging deficit in international payments and the resulting drain on U.S. gold reserves, eroding international confidence in the soundness of the dollar...
...German aid fund will tap private industry for a loan of $400 million, siphon off state-government surpluses ($125 million), and drain unused Marshall Plan counterpart funds and the federal government's own customary budget surplus. Still another source: sale to the public of $125 million in shares in the Government-owned Volkswagen works, whose sales abroad have made a mighty contribution to West Germany's foreign exchange hoard. The new aid, announced Economics Minister Ludwig Erhard, would be offered to underdeveloped countries at low interest and over a long term; unlike past German pinch-pfennig credits...
...Drain-Off. Such concentration of resources has given the chain a semblance of stability and room to expand. Last month Hearst bought the Albany Knickerbocker News for $3,850,000, giving the chain a monopoly in New York's capital city. In Baltimore, where the News-Post ranks behind the Sun papers, Hearst has earmarked $5,000,000 for expansion of plant and production facilities. "You've got to show the community that you have faith in your paper," says a Hearst executive. "If you have, the community will have...
...nonmetropolitan areas-but rarely by enough. By pre-election estimates, Philadelphia had to go to Kennedy by at least 200,000 for him to win in Pennsylvania; the city went by 326,000. Although Nixon won 52 of Pennsylvania's 67 counties, the state went down the drain for the Republicans. Kennedy carried New York City with 63% of the vote, far more than enough to take New York State's 45 electoral votes. Nixon ran well in outstate Michigan-but Kennedy grabbed a big lead in Detroit and held on. It was Los Angeles-always considered Nixon...