Word: last
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Dates: during 1960-1969
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...London market last week, the price of privately traded gold dipped to $34.80 per ounce for the first time since it was freed to find its own level 22 months ago. The decline, from a high of $43.80 as recently as last March, represented a resounding defeat for speculators and for theorists who had argued that the official price of gold should be raised and the dollar should be devalued. It was a victory for the U.S. and for those moneymen who believe that gold's power in world affairs should be diminished...
...secret meeting last week in Rome, South African Finance Minister Nicolaas Diedrichs and Paul Volcker, U.S. Treasury Under Secretary, framed a compromise. It would permit South Africa to sell a certain amount of new gold to the International Monetary Fund whenever the country's balance of payments was in deficit and the free price sank to $35 or less. The I.M.F. would pay the official price of $35 and could then resell the metal to central banks. The deal would provide a floor under the gold price, and something of a ceiling as well. Since the I.M.F. would...
...Clausen, vice chairman of the San Francisco-based Bank of America. Outside the corridors of corporate power, however, Clausen is almost unknown. He belongs to few clubs and, unlike many bankers, has never headed a Chamber of Commerce. From now on, he will operate more in the public eye. Last week Bank of America directors chose "Tom" Clausen, 46, to become president and chief executive of the world's largest commercial bank...
...Began Underground. The product's prospects were further heightened last month when Tawn Limited, a subsidiary of McKesson Laboratories, the giant drug wholesaler, bought the production and distribution rights. Until then, Cupid's Quiver was produced by Joseph Laboratories in Los Angeles, a tiny, one-product firm formed this year by Hylton Socher, a public relations man, and Harvey Meyerhoff, a graphics designer. They had acquired the product from Michael Intrator, a musician, who had developed it. For a time, he sold Cupid's Quiver through ads in the Los Angeles Free Press and other underground newspapers...
Tawn's immediate strategy is to build the product's image by selling it through as many prestige outlets as possible and then move it heavily into drugstores. The only loser in this unlikely success story is Marsteller. Tawn executives last week switched the $500,000 account to Kane Light Gladney Inc., which is McKesson's ad agency...