Word: frankfurts
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...American property. Some are one-or two-man operations, and several are as large as West Germany's Lehndorff Management Ltd., which has invested some $300 million in U.S. properties for 1,800 investors. Reports TIME Bonn Correspondent Barrett Seaman: "An American kind of optimism is everywhere. In Frankfurt, a consortium of banks offered $60 million worth of over-the-counter investment shares in a Houston office building for about $10,000 each, and in three weeks sold out the offering to customers, many of them walking in off the streets. One Munich businessman has gone into partnership with...
...rest of the passengers who had boarded Pan Am's Flight 688 in Frankfurt, West Germany, one morning ast week, there seemed nothing remarkable about the bearded man and his three neatly dressed companions. But as soon as the jet landed at West Berlin's Tegel Airport, the foursome rushed into...
...that was revealed early last week. West Germany will lend the U.S. an additional $2 billion worth of deutsche marks that Washington can use to buy up surplus dollars on the exchange markets. That doubles the Treasury's line of credit at the West German central bank in Frankfurt. In addition, the U.S. may sell $740 million worth of IMF Special Drawing Rights ("paper gold") to the Germans for deutsche marks, and it proposes to borrow as much as $5 billion of foreign currencies from the IMF. That $5 billion credit already existed. Hence the net new money available...
...then on Friday, selling pressure began all over again. By day's end, the dollar had dropped back to 2.14 marks in Frankfurt, and to 2.01 Swiss francs in Zurich. One possible reason: speculators noticed that the Washington announcement a) did not promise any particular level of intervention, and b) hinted that the U.S. will not attempt to keep the dollar above any specified floor price-but will merely try to "reestablish order" on the exchanges. That would seem to leave room for a continued, though gradual, decline...
...President made two key alterations in the CAB proposal. The board had recommended that National be allowed to fly only to Paris; the President added Amsterdam and Frankfurt. More important, the CAB had decided by a 4-to-1 vote that Pan Am be chosen to open service on the potentially lucrative route from Dallas-Fort Worth to London. Its reason: Pan Am, which only in the past two years has begun to earn a profit after years of heavy losses that at one point drove it to the brink of bankruptcy, could not stand any more competition. Carter gave...