Word: redeemability
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Dates: during 1960-1969
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...ultimate aim is to reverse the steady growth of relief rolls. In the end, this would save money as well as redeem wasted lives. But to get started, the extra welfare cost to Washington would be $2.5 billion. For its $4.7 billion-a-year investment under the present system, however, the Federal Government has little to show...
Held As Hostage. Wall Street analysts are more worried about the glamour stocks of yesterday than about the blue chips. Mutual funds have been selling, and in some cases there has been distress selling inspired by the fear that customers will redeem their fund shares for cash. Even those inveterate bulls, the managers of go-go funds, are unloading stocks, and the hedge funds have been hard hit. Some money is being shifted out of stocks into bonds. People who buy stocks on margin have to pay 11% interest, but those who buy bonds collect as much as 8% interest...
...Soul Singer James Brown, a B & B director. The company is managed by Powell and Lawyer Donald Warden; they recruited Brown because they needed a folk hero to appeal to blacks. B & B has signed up about 700 groceries, barbershops, gas stations and even auto dealerships to offer and redeem the stamps in the San Francisco Bay area and Los Angeles. Customers get four stamps for each dollar spent, and when they have collected a book of 1,200 stamps, they are entitled to $3 in free goods or services. Merchants, who pay about 1½? for each four stamps...
...Oakland Raiders, was mulling over business prospects while recovering from a knee injury. What about trading stamps? Why, Powell asked himself, should a collector have to take the stamps to a redemption center and ex change them for gifts? Instead, Powell figured that a customer should be able to redeem the stamps where he gets them - for an extra loaf of bread at the grocery, or a tank of gas at the filling station. Powell thought that idea would appeal particularly to Negroes, many of whom could use the extra merchandise to satisfy basic needs. With that in mind...
...awarding deferments. Nixon promised to have Hershey and the National Security Council study the remaining problems, with new recommendations due Dec. 1. At the same time, Nixon maintains his position that the best way to reform the 29-year-old draft is to eliminate it altogether. Ways to redeem Nixon's campaign pledge to seek an all-volunteer Army are under consideration by an advisory committee. So radical a change will be a long time in coming, and certainly nothing can be done until the Viet Nam war ends. The most that can be expected meanwhile is patchwork...