Word: old
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Dates: during 1950-1959
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...money to member banks and the rate at which the banks could lend money to their customers. After commercial banks upped the rate to their best customers from 4½% to 5% (TIME, Sept. 14), the interest spread rose to 1½%. Moreover, for several weeks the old discount rate was actually below the going market rate on U.S. Treasury bills, creating an opportunity for banks to borrow from the Fed and make a neat and riskless profit by investing in Government securities...
...management and labor toward settling the steel strike called for some knuckle rapping. Last week, in a stern letter to the heads of the twelve major steel companies and the steelworkers' union, the President said that they "must find" a quick way to settle the nine-week-old shutdown. He was plainly irritated by the fact that both sides were merely going through the motions of negotiating. Demanded the President: "Halfhearted bargaining is not enough. Intensive, uninterrupted, good-faith bargaining with a will to make a responsible settlement is required...
Riding the economic cycle is an old sport of the economists. But none can foresee the events of the future that can easily knock the best theories on the head. In the last recession the U.S. was helped because it stepped up defense spending after the Soviet Sputnik. In a 1961 recession, if the U.S. has a balanced budget-as now seems possible-the Government will be in a position to cut taxes to spur spending...
...girls came in conservative, mannish-looking apparel: vests, West Point-styled jackets, wool poncho capes, hooded sweaters and jackets called "benchwarmers." New York's Peck & Peck said that sales from its mail-order back-to-school brochure are running 23% ahead of last year. Biggest demand is for old standbys such as polo and Chesterfield coats, but there is also a fad for kilt skirts and shaggy-dog coats. In Los Angeles the Smart Sixteen set is buying blankets for a sew-it-yourself skirt and blazer set. Most popular are clothes adorned with raccoon. Says Angela Kroll, buyer...
Died. Edmund Gwenn, 83, British-born actor who for the last couple of decades invariably played the roles of kindly, puckish old men, won the 1947 Academy Award for best supporting actor as a benign Santa Claus in Miracle on 34th Street, was a close friend of George Bernard Shaw, who cast him in many of his plays in the early 1900s; in Woodland Hills, Calif...