Word: fortnights
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Among the forces that buffet the U.S. economy, few have preoccupied economists more than the way in which U.S. merchants and manufacturers manage their inventories. Fortnight ago, the errant ways of inventory buyers came under the cold eye of the Joint Congressional Economic Committee. Historically, fluctuations in inventory buying have accentuated swings in the business cycle: in a recovery, businessmen help to create inflation by rapidly building up their inventories, and in a recession they contribute to unemployment by cutting back sharply on their orders. "Investment in inventories," lamented the Joint Committee's economic experts, "has been perverse...
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...
...Security. Jim Walter moved in at the right time. Fortnight ago, he secretly set three Wall Street firms to buying blocks of Celotex from holders who had been disillusioned when the Eddy Gilbert scandal sent Celotex prices tumbling. Then, after winging off to Chicago to tell Celotex directors of his plan, he arranged a surprising piece of financing. Largely on the strength of a spotless credit record established by huge borrowings to finance his home buyers, Walter persuaded a syndicate headed by New York's First National City Bank to give him a longterm, unsecured loan of $10 million...
...found a fellow sufferer in the venerable British trading firm of Jardine Matheson, whose three-year-old dyeing and finishing plant had been losing money steadily. Fortnight ago, using his own South China Textiles Co. as a base. Lee put together six smaller mills and the Jardine plant to form Textile Alliance Ltd. In tribute to Lee's managerial talents, proud Jardine became a junior partner in the new enterprise, gave C.C. the chief executive's chair. Says Lee, who is shooting to increase his exports to the Common Market: "The merger should increase our efficiency...
...speech was "off the record." but Senator Barry Goldwater got hold of a copy and liked it so much that fortnight ago he read it into the Congressional Record. "Thought-provoking," the Arizona Republican told his colleagues, and indeed it was; this was New York Herald Tribune Financial Editor Donald I. Rogers scolding businessmen for advertising in such "liberal" publications as the New York Times...