Word: slacks
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Taking Up the Slack. After President Johnson set up his program of voluntary restraints on the flow of U.S. investment abroad in 1965, hitting the European capital market through a Luxembourg holding company came into vogue among U.S. companies. Mobil Oil, the first to be enticed, organized Mobil Oil Holdings, S.A., and in June 1965 floated a $28 million bond issue to finance foreign operations. Uniroyal, Bankers Trust, Du Pont, Alcoa, Honeywell, ITT, and Standard Oil (Indiana), among others, followed Mobil's lead...
...companies has been tapering off since last year, when American Cyanamid discovered it was simpler to raise money through a Delaware holding company, which does not have to withhold tax if 80% of its business is done outside the U.S. But European firms are more than taking up the slack. Germany's AEG, Thyssen, Siemens and Hoechst, for example, have moved in to escape the 25% withholding tax at home on interest paid to foreign holders of German bonds. The roster has grown to 32 companies, almost all in the big leagues...
...again-down-again Columbia visits up-again-down-again Cornell in a game I would like to pick as an upset, but reasonably can't. The Lions have improved since their loss to Harvard and have found a sophomore halfback, Paul Burlingame, o take up the slack expected standout Jim O'Connor was leaving. The Ithacans are back at home, shooting to rebound from two straight defeats. The chance of a Big Red runaway exists, but I'll pick it close, 28-24, Cornell...
...other-worldly. He hopes to build an immense "deep tunnel" 700 feet below ground. Water would flow down there during a storm and would be pumped back up when the danger of flooding had abated. The tunnel would double as a power generator with water being pumped up during slack hours and running down during hours of peak demand for electricity. Engineers say the scheme is feasible, according to Bacon...
Rusty Machinery. Generally, Administration economists are suspicous of the reasons given for the price surge. They concede the need to prop profits against the pressure of higher wage, transportation and other costs. But with industrial plants running at a slack 85% of capacity (v. last year's 91% peak), they also suspect business of using any pretext to raise prices in order to reap a windfall of earnings as the economy picks up. Reflecting this root distrust, Ackley recently took special pains to chide the rubber industry for following a strike-forced labor settlement that was "clearly...