Word: morgans
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Dates: during 1970-1979
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...nation is also struggling with a huge deficit in its dealings with the rest of the world. As reported by Manhattan's Morgan Guaranty Trust Co. last week, the U.S. balance of payments deficit probably hit a staggering $31 billion last year-nearly three times greater than the 1970 deficit and far more than anyone had anticipated. The payments gap in the fourth quarter alone was $6.7 billion on an official settlement basis. That was below the $12 billion imbalance in the previous three months but higher than first-half averages...
Biggest contributors to the record high deficit were banks, which repaid many of their debts to foreign creditors, and multinational companies, which bought foreign money with U.S. currency as a hedge against dollar devaluation. Morgan Guaranty estimates that these short-term capital outflows came to $20 billion. Investments abroad by U.S. firms, and other long-term capital outflows, added to the deficit. Payments were also unbalanced by the first U.S. trade deficit in this century-almost $2.5 billion v. a surplus of $2.1 billion...
Harvard's only difficulty came at positions weakened by illness. Boris Holmes was sidelined by the flu, and Jerry Hall, literally called out of the dorms, lost a good match at 150, 3-5. Frank Morgan, also hampered by a flu bug, still succeeded with a 4-2 decision...
Harvard's biggest problems have come at 150 through 177. Lack of depth has been aggravated by the losses of Colin Mangrum and Ritchie Starr through injuries. But the recent performances of substitutes Boris Holmes, Frank Morgan and Bruce Johnson, stimulate optimism for the rest of the Ivy trail...
...rout continued as Morgan tied at 158 and Johnson pinned his opponent. Virginia rallied in the closing bouts, winning at 177 and taking a fall at unlimited, to make the final score more respectable...