Word: millions
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Dates: during 1960-1969
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...Miserable Surplus. President Nixon also inherits some global economic problems. In international trade, the nation last year suffered a setback. As Under Secretary of the Treasury Frederick Deming reported, the trade surplus shrank to a "miserable $500 million, down $3 billion from 1967's respectable but relatively poor showing and down more than $6 billion from the 1964 level." Inflation, the Viet Nam war, and higher imports (see following story) share the blame. Only because many foreign investors poured funds into the U.S. was the nation able to achieve a $150 million surplus in its balance of payments...
...Steel Exporters' Association and the six-nation European Coal and Steel Community. In addition, Secretary of State Dean Rusk said that other leading steel producers, presumably Britain and Canada, are expected to hold down their exports. As a result, Rusk added, U.S. steel imports-which soared to 17.5 million tons in 1968-will be limited to 14 million tons this year, 14.7 million in 1970 and 15.4 million...
...fund managers, 1968 proved the general rule that the bigger they are, the more difficult they find it to grow through investment. "It's been a tough year," says Grady Green, vice president of the $351 million Channing Growth Fund. Channing ranked high in 1967, when it grew 47%; last year, with a growth of 2.6%, it was 296th. Like the Manhattan Fund and many other big funds, Channing was heavily invested in the more seasoned glamour stocks-Ling-Temco-Vought, Fairchild Camera, Polaroid-that declined during the stock slump before Lyndon Johnson's March 31 renunciation...
Unaccustomed Discounts. American steelmakers, benefiting from the strength of the economy in general and of auto sales in particular, will show total profits for 1968 of about $900 million, up from $843 million the year before. Nonetheless, profits as a percentage of sales dropped off. Imports squeezed profits by putting downward pressure on steel prices. To hold on to its markets, for example, even U.S. Steel Corp. resorted to some unaccustomed price discounting. If, as appears likely, the Japanese and European cutbacks produce firmer prices, domestic steelmakers will have to admit that the voluntary agreements were better than nothing-although...
Deep Tsai. Eight funds actually declined in value. Among them was Gerald Tsai's $454 million Manhattan Fund. It rose 39% in 1967 but slumped nearly 7% in 1968-to wind up at the very bottom of the list. Though Tsai's 1967 performance was certainly above average, many investors expected much greater growth; in 1968, his fund was hit with higher than normal redemptions...