Word: year-end
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...Each year since 1924, TIME's Business section has in one form or another taken its own look at the U.S. economy in the year just ending and in the year ahead. This week's cover story concentrates on the economy's two main worries: inflation and the possibility of recession. As we followed business news through 1969, it became clear that more and more economists were paying closer attention to the ideas of University of Chicago Professor Milton Friedman, who stresses the importance of money supply as the chief tool in fighting inflation and recession. Hence...
That reassuring thesis may be difficult for some inflation fighters to accept, because 1969 has been such a frustrating year. Repeatedly, Administration leaders have announced that, as Nixon said on Oct. 17, "we are on the road to recovery from runaway prices." Paul McCracken's original year-end deadline for arresting the price trend faded quietly into oblivion. "We underestimated the inflationary expectations," says Under Secretary of the Treasury Charls Walker. "They were deeply ingrained. We didn't expect that it would be so tough...
...stock market, December opened as anything but the accustomed month of year-end price rallies and fat Christmas bonuses. The Dow-Jones industrial average has plunged 70 points in less than a month. Last week it broke below the 800 mark, at which all earlier slides in 1969 had been stopped. It closed at 793, the lowest level in nearly three years. For investors who had put their faith in some popular blue chips, the story was even glummer. During the week, General Electric stock sold at its lowest price since 1963; Union Carbide was the lowest since...
Following is a summary of year-end actual income in the Main Operating Budget of the Faculty of Arts and Sciences for the past six years, when unrestricted and restricted gift and endowment income is compared with expenses from those sources. Deficits are indicated by parentheses...
During the years when the Main Operating Budget generated unrestricted year-end surpluses, the Faculty of Arts and Sciences Instruction Fund benefited from them, and by July 1, 1968 had grown into an unrestricted endowment of $9,073,846. It has been considered to be a strategic reserve which would permit taking on major educational commitments when the need arises and when no other major source of funds can be found. At the end of the past academic year, however, $520.845 had to be drawn out of the Fund to meet a major portion of the year's unrestricted operating...