Word: musts
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Dates: during 1950-1959
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Small, spry, tough, intense, Kiesler got few commissions for his missionary work and asked for no favors. His credo, stated in the College Art Journal: "The artist must learn only one thing in order to be creative: not to resist himself, but to resist without exception every human, technical, social, economical factor that prevents him from being himself." Recently, a former student of Kiesler, Armand Bartos, asked him to become a partner while remaining strictly Kiesler. Their collaboration resulted first in Manhattan's strange and elegant World House Galleries (TIME, Feb. 4, 1957). Now ground is being broken...
Concerned over "the excessive use of credit for purchasing securities," the Federal Reserve Board last week ordered new regulations to curb stock market credit. The Fed kept its basic rule that investors must put up 90% cash on new stock purchases. It added new provisions, effective June 15, to cover accounts in which stocks were bought on margin before the present margin rate. Formerly, if an investor sold stock, held on a margin below 90%, he had to use only 10% of the proceeds to pay off his debt to the broker. Now he must apply 50% of the proceeds...
...days to supply the 90% margin. The Fed will also keep a close watch on bank credit, which has been used to get around margin requirements. Banks often lent up to 50% on stocks. Now, if the bank lends more than 10%, both a bank officer and the borrower must sign a statement that the funds will not be used to buy listed securities...
...evening is spent slamming Pontiacs, a new one each day, around the roughest roads he can find. Knudsen, who fidgets when he hears his success mentioned, likes to recall one of the few pieces of advice his father gave him: "Before you tell someone how good you are, you must tell him how bad vou used...
...transports will be but the first step in converting MATS' $1.2 billion fleet of aircraft into a $3 billion jet operation that will take away even more commercial business. Pan American World Airways is postponing its decision to buy new cargo jets until it finds out whether it must compete against a MATS jet fleet...