Word: thrift
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...some ways, new-found thrift has helped the economy. For example, the cash piled up in savings accounts has expanded the supply of mortgage money, which in turn has helped revive the home-building industry. On the other hand, the money in the bank has held retail sales and auto purchases to a relatively sluggish pace...
Some want to make gambling into a prototype of capitalism; after all, runs the argument, capitalism is based on some form of gambling or at least risk taking. True enough. Thrift and savings are essential to capitalism, but so is daring investment. The gambler's blind challenge of fate is different from the investor's bet on the future. Still, the gambler and the man who "plays" the stock market have certain things in common: a desire to make money without working for it in the ordinary sense, and a desire to reach beyond the monotony of life...
Prudence and thrift took another beating in the tax courts last week. In New York, the state's transfer tax department suppressed a smile as it revealed that Howard Gould, sobersided last son of Railroad Baron Jay Gould, left an estate of $64 million when he died at 88 in 1959. Of this bounteous legacy, about $37 million will go straight to Uncle Sam and another $13 million to the state, leaving 26 legatees to scramble for the $14 million remaining. A keener student of the tax game, the late auto heir and playboy Horace Dodge, who died...
...Happily, savings again are flowing into S & Ls, after huge withdrawals earlier in the year. But the brightening mortgage outlook could quickly fade, S & L leaders agree, if the Treasury goes ahead with its tentative plans to issue a 5% supersavings bond, which would suck money away from thrift institutions...
...present a greater physical contrast to George Ball, who ably occupied State's No. 2 post for more than five years. The elegantly attired Ball was never seen in shirtsleeves or without a vest; Katzenbach makes the most expensively tailored suit look as if it came from the thrift shop. (Yet, as he explained to amused associates, he will always be U-the traditional designation of the Under Secretary in the department's phone book.) The Under Secretary's door was usually closed during Ball's tenure; it is now usually open. Ball was almost exclusively...