Word: floats
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...Bank was a little more helpful. He hinted broadly that "other actions are on the fire." Two days later it became apparent what some of those actions are. The Fed, which has kept heavy pressure on member banks, eased the pressure. It did not counteract an increase in the "float," i.e., uncollected checks in transit between commercial banks, for which bankers get an automatic Fed credit. This was used by mem ber banks to cut their debt to the Fed by $158 million and made possible further borrowings from the Fed, thus could give banks more cash to lend...
...mortgages it holds, then used the proceeds to pay back part of the $1.8 billion it had borrowed from the Treasury. Agriculture's Commodity Credit Corp., which has some $350 million in public loans, could also go into the open market, as it did in 1953 and 1954, float $1 billion or more in loans through "certificates of interest" on the surplus crops it holds. As a last resort, the Treasury can also draw down its $3.4 billion cash balance, i.e., uncommitted money in the till, to pay bills. Yet even with such devices, says Assistant Secretary Heffelfinger...
While Levittown, Long Island, suburbia's assembly-line Eden, celebrated its tenth birthday with fireworks, a 75-float parade, a midget football game and a performance of John Millington Synge's Riders to the Sea, William Levitt, the ringtailed realtor who started it all, celebrated in his own way. For $1,750,000 he bought Belair, the 2,226-acre Maryland estate of the late William Woodward Jr. Purpose: more diapers and down payments in a new, 5,000-castle Levittown...
...that there were untold thousands of tons of one of the finest natural fertilizers packed in the caves, in some places 70 ft. deep. The problem was to get it out. Various companies tried to dragline the guano out of the caves, lower it to the canyon floor, then float it down the river on barges. The Colorado's raging moods queered that plan. Others tried to ferry it out by helicopter and by light planes; one company managed to fly out 400 tons, a ton at a time, before the canyon's turbulent air and logistics problems...
...busiest. He put up his own pavilion to display a living room, kitchen, bedroom and bath in which every object is a product of his own imagination. The pavilion walls are of translucent vitreous cement in various colors. Inside are glass bookcases in which the books seem to float on air, tables whose color varies with the angle of view, an austere double bed. Asked to explain some of the items, blocky, bristly Ponti bubblingly obliged...