Word: new
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Dates: during 1960-1969
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Executives of Fantus Co. have helped so many companies find sites for new plants or offices that they have built the world's largest industrial location service. Last week they concluded that they have been in the wrong place themselves. They decided to move Fantus' headquarters out of Manhattan to South Orange, NJ.-following such firms as General Foods, American Can and PepsiCo, which have shifted large operations outside the city...
...New York City, says Fantus President Leonard Yaseen, is just no place to work. Yaseen gives it a low rating for reasons as varied as crime, air pollution, strikes, employees' attitudes toward work and operating costs. He cites high and rising city income and occupancy taxes, as well as office rents of up to $15 a square foot in midtown Manhattan v. $7 in the suburbs. Clerical workers commonly put in only 35 hours a week in Manhattan v. 40 in some nearby towns, and their turnover rate averages 34% a year, against 15% in Stamford, Conn. Worst...
...Fantus vice president, suggests that Fantus thinks it can boost its business by persuading companies to relocate. Outside opinion tends to support Yaseen. The National Industrial Conference Board reports that the chiefs of some major companies are thinking of offering executives whom they try to lure to Manhattan a "New York cost-of-living differential...
...bought hardly any South African gold; this had forced South Africa to sell on the free market, driving down the price. But as the free-market price skidded, European central bankers feared for the value of their own gold reserves. In addition, the Europeans wanted to bring some new South African gold into the international monetary system in order to lessen their dependence on U.S. dollars as a reserve currency...
...secret meeting last week in Rome, South African Finance Minister Nicolaas Diedrichs and Paul Volcker, U.S. Treasury Under Secretary, framed a compromise. It would permit South Africa to sell a certain amount of new gold to the International Monetary Fund whenever the country's balance of payments was in deficit and the free price sank to $35 or less. The I.M.F. would pay the official price of $35 and could then resell the metal to central banks. The deal would provide a floor under the gold price, and something of a ceiling as well. Since the I.M.F. would...