Word: stockings
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Dates: during 1970-1979
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...must find $400 million in new loans that would not be covered by the Government's guarantee. Because the fate of Chrysler's suppliers and dealers is so closely tied to that of the automaker, Congress insists that they contribute $180 million by such means as buying stock or extending loans. Similarly, the states and cities that benefit economically as the sites of Chrysler plants must kick in $250 million. An additional $300 million is to be raised by selling more of the company's assets. (Chrysler has liquidated more than $400 million of its holdings this...
...tight money, the construction rate of new homes and apartments could go as low as 1.2 million by March. As demand wanes, businessmen will further reduce production and inventories. But by late fall or early winter, their shelves and warehouses will be fairly empty, and they will have to stock up with new orders. This should send the economy up again...
Their growth prospects evaporated largely because many industries became increasingly outmoded and continued to lose their edge in global competition. America was living off its accumulated capital stock, a consequence of its people's unwillingness or inability to save and invest. While the U.S. spent scarcely 10% of its national income on new factories, mines, tools and transportation systems, its allies and competitors the West Germans and the Japanese were investing 15% and 16.2%, respectively, of their incomes in such capital goods. One result: U.S. productivity, which had risen an average 3% a year in the 1960s, declined...
...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 years ago, a New York dealer reminisces, "people were giving away Victorian furniture for wood scrap." Today those otherwise indestructible pieces, long derided by the English as "chocolate" (they are Hershey brown), still cost less than glued-and-screwed contemporary furniture-but probably not for long...
...first year. Also axed: the costly pension plan, which had been chewing up $900,000 a year, or between 6% and 7% of the operating budget. Instead, the shareholder-employees chose a combination of improved insurance benefits, bonus and profit-sharing plans, and the promise of eventual stock dividends