Word: droppings
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Dates: during 1960-1969
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...that is now on the books permits oil-well owners to deduct from their taxable incomes 27½% of the value that each well produces regardless of drilling or operational costs. Long deadlocked over the question of depletion cuts, the committee finally approved 18 to 7 a proposal to drop the allowance to 20%. The compromise move, which surprised even Committee Chairman Wilbur Mills, came after Louisiana's Hale Boggs, a longtime guardian of oil-industry privileges, became convinced that there was no other realistic alternative...
...crowded bar on Rome's Corso di Francia, one Italian disparaged the Apollo achievement-and was clobbered in a fist-swinging, bottle-throwing brawl. In Japan, Emperor Hirohito canceled a botanical outing in the woods to watch TV. In Germany and in Uruguay, police reported a sharp drop in crime while Eagle was resting on the moon. Said a West Berlin police sergeant: "I wish there were moon landings every night...
...very first lap, and has rarely been behind since. In the most astonishing driving display in Grand Prix history, Jackie raced his 430-h.p. Matra-Ford M580 to victories in Spain, The Netherlands and France. He lost at Monte Carlo only after a faulty drive shaft forced him to drop out one-third of the way through the race; at that point he held an extravagant 30-sec. lead. Two weeks ago, he won his fifth victory in five finishes in Great Britain's rugged 246-mile Grand Prix at Silverstone. That race gave Stewart a total...
Margin Calls. Inflation usually stimulates the stock market, but Washington's anti-inflationary moves are now badly hurting shareholders. The Dow-Jones industrial average has dropped more than 150 points since it reached the year's high of 969 in May. Last week it fell precipitously, closing at 818, lowest in 21 years. Many speculative stocks have been cut in half. The mutual funds are sitting on the sidelines, holding tremendous sums of cash and waiting for the market to hit a bottom. The slide has forced some brokers and bankers to make margin calls...
...like that really in prospect for the foreseeable future? Probably not. One primary cause of recessions is top-heavy business inventories. In 1966, companies unwisely kept on piling up stocks of goods even as sales were falling; they then had to liquidate quickly, and the result was a steep drop in production-and the "mini-recession" of 1967. An encouraging sign this year is that inventories have been closely keeping pace with sales, and businessmen-having learned from the past-are not overstocked...