Word: payments
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Dates: during 1960-1969
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While visiting Puerto Rico, a New Yorker named Jack Golden lost $12,000 shooting craps in a San Juan hotel casino. Golden signed lOUs for $9,000 and wrote a check for $3,000. Then, when he got home, he ordered his bank to stop payment. Golden assumed that it was a lovely legal welsh; gambling debts are not collectible in New York...
Ledger-Demain. With an eye to foreign trade, Callaghan took care to affirm that the 15% import duties announced last month were only temporary, to be lifted when and if Britain's balance-of-payment problems are eased. All told, it was a fairly effective act of ledger-demain; the gas-tax increase was passed by a ten-vote margin, the income tax by 26. The budget's impact is decidedly deflationary, since it will take nearly $600 million in purchasing power out of the economy. Some experts believe that this is just what is needed right...
...billion, voted a year-end extra dividend of $2 a share. With higher dividends for the first three quarters, that will raise G.M.'s big payoff from $4 a share last year to $4.45 this year, and give some 250,000 shareholders enough for a down payment on a new Chevy or even a '65 Cadillac. While G.M.'s calculated munificence will reverberate throughout the economy, the biggest individual beneficiaries will be five elderly men who had the good sense to become the largest shareholders in the firm. All but one of them got in very early...
...fifth course at no extra charge. The rule gives the student much-needed flexibility in planning his course of study for a coming term; unsure of whether he can handle a five-course load, he can enroll in an extra course knowing that dropping it will entail only the payment of a nominal fine...
...later vacation, the American consumer has piled up a truly phenomenal $280 billion debt-and is rapidly adding to it. Families are up to their eaves in $190 billion worth of mortgages, also bear another $76 billion in various consumer debts. One household in two has to meet installment payments on appliances, furniture, the car or personal loans. Nearly everyone shares in the $17 billion debt burden spawned by credit cards, charge accounts, single-payment loans and other short-term credit. While their grandfathers would have considered them reckless and irresponsible, these on-the-cuff customers have stimulated the current...