Word: steeping
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Dates: during 1970-1979
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MOST outsiders would assume that Wall Street, the citadel of American capitalism, is a model of efficiency and sound management. It is nothing of the sort. In fact, Wall Street is an avenue filled with managerial cracks and potholes. Nothing has so plainly revealed its weaknesses as the recent steep decline in stocks, which has cut almost $200 billion from the value of shares listed on the New York Stock Exchange alone. Simultaneously with this decline, and largely as a result of it, the U.S. securities system is undergoing a series of fundamental changes that are bound to affect...
...with a sober assessment of a company's performance than with the sheer shortage of stock. People were not buying companies; they were buying the market." That situation is not likely to recur, because today's profits are modest, corporate debt is high and interest rates are steep. The switch away from debt issues and into equity issues has already begun. Last year U.S. companies put out a record dollar volume of new stocks; this year another record is expected...
Then reality intervened. For one thing, nuclear plants turned out to be less efficient and trouble-free than those run by fossil fuels (coal, oil). For another, utilities did not foresee the steep rise in the cost of money-and "nukes" (nuclear plants) are especially expensive to build. In addition, cooling towers required to control thermal pollution will boost the average plant's cost from $150 per kilowatt of capacity to $175. All these pressures caused utilities to cut down on their orders for nukes, from 31 in 1967 to seven...
...aerospace industry, clobbered by heavy cutbacks in Government spending, had hard going. Lockheed's quarterly earnings fell a steep 45%, to $5.1 million; Martin Marietta's net decreased 23%, to $4.1 million. Last week Richard Walker, president of North American Rockwell's Los Angeles division, decreed a salary cut for himself and for 2,000 of North American's non-union employees...
...Avoriaz reeks of chic; it has become the St. Tropez of the mountains. The visitor leaves his car in the valley, boards the téléphérique and settles back to enjoy the eight-minute ride (perhaps with Frequent Visitor Brigitte Bardot) up the steep, jagged mountainside. If he does not own an apartment in a condominium, he will most likely stay at the HÔtel des Dromonts, with 40 spacious, tastefully furnished rooms. The interior resembles a pyramid-shaped grotto where the walls jut out or recede at dramatic angles. The most exciting feature...