Word: money
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Dates: during 1960-1969
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Warning from Treasury. Economist Norman Strunk, executive vice president of the United States Savings and Loan League, faulted the big banks for expanding their lending during May at an annual rate of 17%. "No wonder they ran out of money and had to raise their rate," he said. "While bank presidents have been publicly wringing their hands," added Strunk, "lending officers have been pouring gas on the inflation bonfire...
Eventually, the cost of money will force managers of large corporations to reconsider some marginal capital-expansion projects. After a survey of 1,000 companies, Martin Gainsbrugh, chief economist of the National Industrial Conference Board, reports some retrenchment in plans to spend on new plant and machinery. Between the last quarter of 1968 and the first quarter of this year, planned spending dipped by 2½ % and in some industries by as much as 10%. Gainsbrugh believes that the long boom in capital spending will level off through the year, as businessmen face up to a squeeze on profits...
Bleeding in the Markets. Worried about tight money and the economy's future, investors continued to unload stocks last week. The Dow Jones industrial average declined another 19 points to 876. Since it reached the year's high of 969 in mid-May, the market has dropped like a stone...
...that inflationary psychology is finally being broken-or at least dented. Most analysts agree that the market is oversold. Mutual funds harbor some $4.6 billion-or nearly 9% of their assets-in cash and 30-to-90-day Treasury bills. Brokerage houses hold about $6 billion in uncommitted margin money. That potential purchasing power could provide a lift to the market, but investors are awaiting signs of a loosening of credit. The signs may be a long time coming. Last week Thomas O. Waage, vice president of the New York Federal Reserve Bank, summed up: "Already some participants in financial...
...Helsinki's Technical University set the pattern for student capitalism after World War II. It built dormitories, even using bricks salvaged from the rubble of the Soviet embassy, which had been hit by Russian bombers at the outset of the Russo-Finnish Winter War. Student "commandos" raised money by persuading engineering executives and 6,000 alumni to donate. Today, the union's dorms and cafeterias do a $1,700,000-a-year business and provide temporary jobs for scores of students. Together, the three student unions have a fulltime payroll of 1,000, including the hotel managers...