Word: york
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Dates: during 1970-1979
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...squeeze has so far been modest. In Chicago, the Baird & Warner real estate firm reckons that October condo sales were 6% ahead of the same month last year, but prices have eased from an average of $93,000 in 1978 to about $85,000 today. In New York City, both demand and prices remain high, and luxury four-room apartments are selling for an average of $ 160,000, vs. $ 100,000 a year...
...reason for New York's continuing co-op strength is the presence of moneyed buyers, including many foreigners, who do not need or care to bare their finances to banks; nearly two-thirds of the city's co-op purchases are all-cash deals. Elsewhere, bankers and brokers are devising ways to ease the credit pinch on buyers. Some California brokers arrange deals whereby the seller acts as his own bank; he agrees to turn over his condo to a buyer in return for a so-called trust deed, which requires monthly payments directly from the buyer...
...Four New York bond trading houses have failed. One of the victims is Frederick Gorsetman, 34, who, riding along with rising bond business in August 1978, opened his own firm. But when the Federal Reserve drove up short-term interest rates, his firm had to absorb devastating losses on bonds that no one would buy. After three weeks of harried days on Wall Street and sleepless nights in his Riverside Drive apartment, Gorsetman closed his ofiice's front door. Although he is now looking for another job on Wall Street, he says bitterly, "The market stinks...
...OPEC's official maximum of $23.50. After the seizure of the U.S. embassy in Tehran, rumors swirled that anti-American fanatics were shutting the tap on exports. Spot traders began desperately scrambling to buy spare cargoes. In Rotterdam, prices ticked up almost by the hour. In New York City, some sellers were demanding an astronomical $47 to $48 per bbl. Though heating oil is retailing in New York at about 850 per gal., spot market imports of the fuel were going for $1.10 per gal., while gasoline imports were trading...
Marina Whitman, the newly appointed chief economist of General Motors, I claims that she can almost cite the fateful day when the men who run New York City's banks declared: "O.K., fellas, we've got to let them in." Them are American women, and it was only half a dozen years ago that they began to be admitted, little by little, to the executive establishment. Whitman knows because when she meets groups of bankers, she sees more and more women junior executives, poised for that big leap up to higher management. But almost...