Word: last
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Dates: during 1950-1959
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After a year of the tightest money since the 1920s, the U.S. last week experienced a slight easing in the general demand for funds. It was partly due to the depressing effects of the steel strike and industry's uncertainty about investing heavily in inventory before a settlement is reached. But the Federal Reserve Board also eased money to take care of the usual extra demands around Christmas by permitting member banks to count a percentage of their vault cash as reserves, thus in effect adding some $1.4 billion in lending power...
...slight easing had no effect on interest rates. The U.S. Treasury last week sold its 13-week bills at 4.5%, the highest point in history for its shortest-term borrowing, partly because only the week before it had drawn heavily on short-term funds with a $2 billion offer of 320-day bills at 4.86%. Bankers expect even greater pressure when a steel settlement is made and a rush for supplies and postponed expansion exerts new pressure on the money market...
Meeting in Manhattan last week, 2,000 delegates to the 64th Congress of the National Association of Manufacturers were fully prepared, as usual, for a series of speeches attacking high taxes. At the opening session they were jarred out of position by IBM President Thomas J. Watson Jr. He told them flatly that high taxes are essential in the struggle with Russia for world leadership...
...Bridgeport's Swedish Athletic Club to play golf. Traveling with his wife, he will spend two weeks out of four on the road next year on N.A.M. projects. In talks on inflation, he will emphasize to his audience that he has raised his prices only once in the last 20 years...
Before the 48th annual convention of the Investment Bankers Association of America last week in Bal Harbour, Fla., outgoing President William D. Kerr posed a challenge: "I visualize a titanic struggle between the forces that would foster and perpetuate our local governments and our right to the well-known freedoms and those who would turn these United States into a huge federal omnibus in which the individual would be reduced to being a number in a file...