Word: moneymen
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...prospect of higher prices has not quenched Americans' wanderlust. Last year close to 3,000,000 Americans visited Europe, and travel-industry leaders expect about a 10% gain this year. For those who do go, moneymen offer some advice for stretching dollars. First, carry traveler's checks, which command a better exchange rate than cash does. Second, convert money at banks, which pay more for dollars than hotels do. Finally, pay immediately for foreign purchases rather than charge them. If the value of the dollar weakens further, the bill, when finally presented, may well be higher than expected...
...truly unified Eurocurrency-or "Euro" as moneymen call it -is still far away. Treasury Secretary John Connally, for one, is not overeager to see that day arrive. With a single currency, he fears, Europe may congeal into a unified economic bloc competing against the U.S., and the Europeans may let their currency float downward against the dollar whenever they want an added trade advantage against the U.S. At present, national rivalries prevent such truly coordinated action...
When Bernard Cornfeld's mutual-fund empire came tumbling down in a spectacular mid-1970 crash, his main company, Investors Overseas Services, sank so low that moneymen might well have figured it had nowhere to go but up. Not so. Under Cornfeld's successors, I.O.S.'s troubles have been endless. The several mutual funds that it manages have gone on dwindling in value, to about $982 million last week, from $2.3 billion in the late 1960s. Roughly 300,000 investors, mostly Europeans, still have money tied up in I.O.S.-and they are hurting. Anybody...
Such advice would have been more firmly grounded if the report had named the agencies within churches that handle the portfolios, rather than merely the denominations involved. Investments are often made by lay moneymen through such boards as church pension funds, which are independent of church programmers...
...breakthrough came when the U.S. at last brought itself to offer two indispensable concessions. First, American officials pledged explicitly to drop the 10% import surcharge as part of a money bargain. Then Connally began talking about the previously unmentionable: outright devaluation of the once almighty dollar. For their part, moneymen from Europe and Japan started discussing just how much they would let their currencies rise against the dollar...