Word: scarcer
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Financial markets were swept by a crazy quilt of slumping and surging prices. Businessmen fretted over whether Carter's "disciplined" new effort to make money and credit scarcer and more costly would pitch the economy into recession for real, or if it would perhaps be swept aside by another onrush of inflation. On Wall Street, the Dow Jones average of 30 leading industrial stocks dropped 23 points on the first day after Carter announced his program. It then bounced back and forth before finally closing out the week down 26.5 points at 785, its lowest level since April...
Rental housing is becoming scarcer because of demolition, abandonment and especially condomania. In Chicago 60,000 leased apartments have converted to condominiums since 1963, creating a severe housing crunch in parts of the city, notably the fashionable Near North Side. Last year 12,000 New York apartments went cooperative. The trend may accelerate as a result of Citibank's announcement last week that it was making $1 billion in loans available for houses and coops...
...most recent issue of Harvard Magazine, Lansing Lamong '52 wrote of today's students: "In a world of scarcer resources and increasingly competitive achievers, they see the stakes looming larger and larger...they also find less time for dreaming and introspection... " So I'm not the only one who thinks the workload is heavier around here...
American folk art, however humble its origin, is soaring in value as well-crafted objects like pewter pots, duck decoys, quilts and scrimshaw (erotic examples in particular) become ever scarcer. Photographs are commanding fine arts prices; an original print of Ansel Adams' Moonrise, Hernandez, New Mexico sold last week for a record $22,000. "We can see the day when a single photograph will fetch $100,000," says Philippe Garner, a Sotheby's photographic expert. Almost any object from the once scorned 19th century now seems as precious as Suez Canal Co. stock was in its heyday. Twenty...
...stability, West Germany is not without problems. The burden of the unemployment falls mainly on the Gastarbeiter, the 3.9 million "guest workers" and their families imported over the years from Turkey, Yugoslavia, Italy, Greece and Portugal to do the menial jobs that West Germans disdain. As jobs have become scarcer, more than a million Gastarbeiter have been repatriated, either by inducement or expulsion; the remainder live as alienated poor in urban ghettos, cut off from the rest of society...