Word: millions
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Dates: during 1960-1969
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...this year. Such outlays have been a major source of inflationary pressure, and for all of 1969 the Reserve Board expects capital spending to rise fully 12½% to $72.2 billion. Most of that increase has already occurred, and the Board forecasts a spending rise of only $55 million during the fourth quarter as against a $3.1 billion jump in the second quarter...
...acceptances-corporate promissory notes issued to finance goods in transit or storage with payment guaranteed by a bank-fell by ¼% to 8%. In the bond market, Treasury bills sold at an average 6.86%, down from a peak of 7.22% last month. Pacific Northwest Bell Telephone sold $75 million in debentures at 7¾% compared with a 7.9% rate on the last Bell System bond offering in July...
...Insurance Co., is dickering to buy Randolph Computer Corp., a major computer-leasing firm. This month, CNA Financial Corp., the Chicago-based owner of a group of life-and casualty-insurance firms, completed acquisition of The Larwin Group Companies, a California housebuilding combine that took in revenues of $50 million in 1968. Larwin President Lawrence Weinberg and CNA Chairman Howard Reeder began by discussing a $20 million CNA loan to Larwin but wound up negotiating a merger instead...
Aetna Life and Casualty Co., for example, has formed a fifty-fifty partnership with Kaiser Industries to develop more than 90,000 acres of potential residential and industrial tracts in California and Hawaii that company officials figure are worth about $175 million. INA has also bought 25% of a chain of Eastern nursing homes. "We aren't interested in financing businesses of this kind," explains" President John Gurash. "We are interested in being in those businesses...
...loans, says Washington Economist Miles Colean, "an exposure to equities is like the taste of blood to a young lion." The insurance industry's new look may have an even greater impact on the stock market. If insurers could sell mutual-fund shares to all their 132 million policyholders, they might well generate a torrent of cash. The thought of how much that could lift stock prices is enough to elate some Wall Streeters. The prospect frightens many others. They fear that prices could be driven beyond all relation to underlying values, and reach levels that could...