Word: moneymen
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...Some moneymen believe that the drop in rates will soon be reversed. "The economy is gathering momentum," says First National City Chairman Walter Wriston, "and when companies get confident enough to build inventories, loan demand will rise." That could push rates back up by year's end or early in 1972. Federal Reserve Chairman Arthur Burns sought to counter such talk last week by promising that the Board will make enough money available to meet the needs of an expanding economy. It was no coincidence that he delivered his reassurance at the New York Stock Exchange. The stock market...
...mail-order business). There have been conventional fund-raising luncheons like one in New York City last week, where 1,350 "Business and Professional Men and Women for McGovern" laid down $25 apiece to dine on chicken and mushrooms. By far the most novel item in the McGovern moneymen's assorted bag of tricks, though, is the Presidential Club. Its members-some 3,000 thus far-sign up to make monthly contributions of as little as $10 through July 1972, when the Democrats will convene in Miami Beach. To aid the prospective giver, McGovern's managers thoughtfully offer...
...will chuck the surcharge, he promised, provided that other governments 1) "make tangible progress toward dismantling specific barriers to trade," and 2) "allow market realities freely to determine exchange rates for their currencies for a transitional period." Texan Connally is fast learning the wooden, oblique language of international moneymen...
...Bretton Woods system of fixed prices for every currency, based on a fixed relationship between the dollar and gold. President Nixon shattered that illusion on Aug. 15, when he announced that the U.S. would stop selling gold to redeem foreign-held dollars. The "Nixon Shock" has already moved moneymen into discussions that would have sounded like sheer fantasy a few months ago. American officials who once proclaimed the majesty of the dollar now cheer declines in its price on newly freed money markets, because they hold the potential for helping the U.S. balance of payments. Meanwhile, Europeans are reluctantly breaking...
...left Washington without a major league baseball club for the first time in 71 years-although there is a possibility that the National League's financially hard-pressed San Diego Padres might be persuaded to take up residence at Kennedy Stadium. Even if that happens, baseball's moneymen must still calculate the cost. And the short-term payoff that they see in their latest moves may not come close to making up for the loss of their most important asset: the loyalty of their fans...