Word: eurodollars
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...postponed. But by last week the rush had resumed. International Utilities, a U.S. holding company whose subsidiaries supply gas and electricity in Canada, brought out a $12 million issue. A subsidiary of Manhattan's Bankers' Trust Co., the eighth largest U.S. commercial bank, turned to the Eurodollar market for $20 million. Within the next few weeks, oil-producing Cities Service Co. expects to float a $20 million issue and drugmaking Chas. Pfizer & Co. a $15 or $20 million...
...Euromart, the Eurodollar and the Eurochick (the rising class of smart young working girls), a French firm with the un-Gallic name of Machines Bull has just added another contribution: the Eu-rocheck. Ready to switch to the magnetic-ink system of automatic checking now spreading throughout the U.S., European nations have been looking around for the best system. To many, it seemed that the firm likeliest to walk away with the biggest fistful of orders was IBM, whose sales in France alone were up 41% last year. But scrappy Machines Bull has soundly tweaked the giant's nose...
Today, an estimated three billion Eurodollars circulate through Europe's banking community. German, Dutch or Swiss banks that are rich in foreign reserves regularly deposit their dollars in London-which already seems destined to become the financial capital of the Common Market. London banks, in turn, relend the Eurodollars in Italy and Japan, where interest rates on foreign trade credits are particularly high. U.S. branch banks in Europe, eager to get into the profitable trade, have begun to court Eurodollar deposits by paying higher interest rates on them than is permissible...
Some European and U.S. bankers fear that the endless lending and relending of Eurodollar balances has already led to a dangerous pyramiding of credit. Fortnight ago, U.S. Under Secretary of the Treasury Robert Roosa urged Congress to try and lure the wandering dollars home by eliminating U.S. interest ceilings on deposits from foreign central banks...
...other bankers and economists argue that the brisk trade in Eurodollars has had at least two beneficial results: 1) it has helped meet the growing demand for trade credits among Western nations; 2) it has discouraged foreign banks from converting their dollar balances into U.S. gold, and thus has eased the drain on Fort Knox. The Eurodollar, most experts agree, will gradually disappear if U.S. interest rates rise to European levels, or the U.S. payments deficit ends...