Word: loused
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Demand for credit ballooned. In the past four weeks alone, loans to business jumped at a rate of 23%, while the commercial paper market, which is where big corporations trade megabuck lOUs back and forth among themselves, leaped by an astonishing...
...cash ran short, public officials asked stores to accept checks and even lOUs from their customers. For the first time in its 106-year history, the Boston Globe was unable to distribute an edition...
...were worth the quo. Russell Long has raised the art of political horse trading to the highest level in living congressional memory. An unabashed wheeler-dealer, he scratches backs with a fine, silken stroke, then calls in his debts with a firm arm twist. He also repays his own lous with interest. "I gave Russell a vote he wanted," recalls a Democratic liberal, "and I've been sipping from his cup ever since." As chairman of the Senate Finance Committee since 1966, Long has left an imprint on every piece of tax legislation passed by Congress...
...Democrats. In 1967, he took over the obscure and little-wanted post of secretary of the Senate Democratic Conference. Byrd quickly ingratiated himself with the majority whip, Louisiana's Russell Long, who then was drinking heavily and neglecting his duties. Soon Byrd was doing Long's errands and collecting lous. After Ted Kennedy upset Long for the whip's seat, in 1969, Byrd performed the same tasks for the Massachusetts Senator, who had little enthusiasm for the housekeeping chores that the job requires. But in 1971, secure in his nest of hard-earned favors, Byrd turned around and knocked...
...rate on business loans by a quarter-point, to 6¼%-the lowest since February 1973. The rate on 90-day Treasury bills last week slid to 4.6% from 4.8% the week before, and General Motors Acceptance Corp. trimmed slightly the interest rate it pays on commercial paper (corporate lOUs) that it buys. Heartened investors flocked into the bond market, bidding prices up and interest rates down. For example, Cleveland Electric Illuminating Co. sold $125 million worth of 35-year bonds at an 8¼% yield, the lowest rate on a utility issue of similar quality since February...