Word: selling
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Dates: during 1970-1979
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BANKS. They execute most of the orders for companies and also trade on their own account. An American tourist exchanges $100 for marks at a bank in Frankfurt; the bank can hold the dollars or sell them for other currencies, as it chooses. More important, a French cooperative, for example, deposits in Credit Lyonnais $1 million received from U.S. importers for Bordeaux wine; the bank can sell those dollars for other currencies if it wishes. Banks have a cold-blooded view of the potentialities. Says Jean Bourg, head of the currency department at Credit Lyonnais: "We take advantage of small...
...orders descend on the cambists - some working in money-trading firms, many employed by banks, a growing number directly for multinationals. Though they work on order, they have some latitude. If a multinational orders its bank to sell, say, $1 million for German marks on a particular day, in Europe it is up to the bank's trader whether to let them all go at once or sell $500,000 in the morning, the rest in the afternoon. In New York, a trader must execute the order at a time and price that the client specifies...
Most issuers of traveler's checks, including American Express, Thomas Cook and big banks, sell checks denominated in foreign currencies - 15 to 20 of them in the case of Deak & Co., the big currency dealer. They are intended for tourists but can be bought by stay-at-homes too. Deak reports that its sales of foreign-currency traveler's checks have doubled in the past year and estimates that 25% of the purchases are pure speculation. Nor is it only a poor man's game. Executive Vice President Otto E. Roethenmund recalls one customer who bought between...
...liquor, is permitted on TV). BATF did not bar Taylor's promotions, but said that the winery ran them at its own risk. If the ads were found to be misleading, Taylor could face penalties ranging from a letter of admonishment to a suspension of its permit to sell wine interstate. Early this month, Coca-Cola officials decided to risk the consequences: the Taylor commercials hit the tube and newspapers in the East and Southern California...
Housing begins to slide In California, where the rise in housing prices has been stratospheric, couples have long been willing to sell their souls to the savings and loan - and rent out mother-in-law for window cleaning - in order to realize their dry-wall dreams. But now there are definite signs of slowdown in that willingness to shell out small for tunes for not-so-special homes...