Word: resulting
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Dates: during 1960-1969
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Until TIME'S story ran, Captain Simonsen, his wife and a staff of three were able to handle the courses in a modest office in Santa Barbara, cutting stencils and running off lessons on a mimeograph machine. As a result of the story, their mail tripled, monthly enrollment in the navigation course more than doubled, franchise and translation requests came in from Europe and Africa, and sales of a sextant they supply to students went up dramatically. The Simonsens are now expanding business to include a "Nautical Book a Month Club," an air-navigation course, and sales of other...
...result was the greatest gold rush in history. Almost all of the demand fell upon the London gold pool, through which the central banks of the U.S., Britain, West Germany, Switzerland, Italy, Belgium and The Netherlands had for 6½years maintained the free-market price of bullion at its $35-per-oz. monetary level. Between Britain's Nov. 18 devaluation and March 15, when the London market was closed at the U.S.'s request, the buying stampede drained the pool of some $2.5 billion of gold - nearly 2½times the amount mined in California during...
Such controls left the fundamental causes of the dollar-threatening payments deficit uncurbed. Last week Federal Reserve Board Chairman William McChesney Martin summed up the result in gloomy terms. "We are faced with a budgetary problem that has been getting progressively worse-a sad progression toward undermining the currency," he told the Economic Club of Detroit. "The dollar is stronger than gold, but like it or not, the world no longer has the confidence in the dollar that it once had. People doubt that we can handle our own affairs." Economist Raymond Saulnier, who was chairman of the Council...
...direct result of the gold emergency, the Federal Reserve Board has already raised the discount rate-the interest that Federal Reserve banks charge member banks to borrow money-from 4½% to 5%. That increase will make loans less avail able-and more expensive. Very shortly, people seeking a bank loan for a car, a trip or a color TV set will probably find that it is costing them more in interest than it would have last week; those with less than gilt-edged credit ratings may find it impossible to borrow from a bank. The same principle applies...
There are two playwrights inside Paddy Chayefsky - one is a pixy and the other a preacher. When the pixy handles the pen, it can turn out a funny, wryly perceptive comedy like Marty. When the moral preceptor is in command, the result is likely to be a chalk-dusty lecture like The Passion of Josef D., with its dreary analysis of Stalin's rise to power. Chayefsky's latest work, The Latent Heterosexual, which opened at the Dallas Theater Center last week, is an unsuccessful attempt to weld the two Paddys. But the amusing eye-catcher...