Word: majorities
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Dates: during 1960-1969
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...next year we'll be looking at all our proposed projects with more caution. Possibly outlay will be down." Adds a Firestone official: "Some cutbacks are likely next year." Demand for business loans has begun to taper. The Federal Reserve Board last week announced that loans at major banks declined in July for two weeks, dropping by $262 million to $78.3 billion. One consequence is that interest rates are beginning to lessen, if ever so slightly. A string of three big recent bond issues -Weyerhaeuser, National Cash and Dow Chemical-all sold at successively lower yields, ranging downward from...
...higher taxes on capital gains and a reduction in the oil-depletion allowance (see THE NATION). Corporate profits are another disheartening factor. Earnings remained at record levels all through the 1966 market slide. This year most companies reported rises for the second quarter, but there have been some major exceptions, notably in steel, autos and airlines (see following story). Compared with the second quarter of last year, earnings fell 17% at Kaiser Industries, 17% at General Motors and 33% at Inland Steel. The general expectation is for little improvement over the rest of the year and quite possibly a profit...
After five years of haggling, the ten major financial powers of the non-Communist world agreed last week in Paris to introduce an international money: paper gold. Called Special Drawing Rights, or SDRs, the new reserves will reduce nations' dependence on the diminishing supply of real gold in global finance and create new assets to sustain the growth of world trade. The SDRs will exist only in the ledgers of the International Monetary Fund. Its 111 member nations will be able to draw on these reserves to settle accounts among themselves, and central banks will have to accept them...
Open the Door. This week Japanese leaders will move toward a confrontation on one of their major problems-trade relations with the U.S. Members of the Japanese and U.S. Cabinets will gather in Tokyo for one of their periodic meetings. The U.S. will be represented by the State Department's William Rogers, Commerce's Maurice Stans and Agriculture's Clifford Hardin, as well as Paul McCracken, the President's chief economic adviser. They will urge their Japanese counterparts to start removing import quotas on 120 products, and move faster in approving requests from U.S. companies that...
...powers of the policy-making board have not yet been defined, but it is expected that the board will have a major say in determining the future course of the legal aid office...