March 24, 1991 |
The man who persuaded the Treasury to put the motto "In God We Trust" on currency has left his papers - documenting his campaign - to the American Numismatic Association's archives. Matthew H. Rothert, an Arkansas currency collector, died in 1989. In 1953, he conceived the idea of having the motto printed on currency, and began a campaign of lobbying congressmen, senators and Treasury Department officials. He spoke to clubs and church groups all over the country, and within two years, he had won congressional support.
July 13, 1995 |
Reports of the dollar's death have been greatly exaggerated. It is true that the value of the U.S. currency has recently fallen against the Japanese yen and Deutsche mark. It is also true that some measures of the dollar's use as an international currency show a decline. But these are long- running trends. Contrary to widespread belief, the dollar's standing as a reserve currency has actually increased in the 1990s. And there is little likelihood that some other currency will supplant the dollar as the world's premier reserve currency by 2020.
April 22, 2012 |
European debt problems have kept financial markets on edge during much of the last two years, but it is the debt problem in the United States that is far more likely to precipitate a global crisis. Recently, Lawrence Goodman, a former crisis-prevention analyst at the U.S. Treasury, sounded the alarm that investors balked at low coupon rates last year, forcing the Fed to buy "a stunning … 61 percent of the total net issuance of U.S. government debt. " His view that ballooning deficits and excessive debt put the U.S. economy and markets at risk for a sharp correction also explains why the recovery is so weak and why trillions of dollars remain sidelined.
April 9, 1992 |
On the contrary, officials of the Philadelphia Stock Exchange rolled out the red carpet yesterday for a group of bankers and business leaders visiting from the former Soviet Union. The exchange is the world's largest exchange- traded market for foreign-currency options.
November 11, 1989 |
Beginning early in 1990, the Philadelphia Stock Exchange will extend its trading day in foreign-currency options by an additional 6 1/2 hours to accommodate trading in the Far East and Pacific Rim, exchange officials said yesterday. Under the plan, approved this week by the PHLX board of governors, the currency options floor will be open a total of 20 1/2 hours a day - 19 1/2 during Daylight Savings Time - compared with 14 1/2 hours currently. Nicholas A. Giordano, president of the exchange, said the additional hours are another step toward 24-hour trading.
December 7, 1992 |
Sure, sure, we've all got problems. But here's a particularly interesting one for the corporate travel manager or budget administrator of a company with employees who travel frequently to Europe or who are posted abroad. In the fall of 1991, as companies were planning their 1992 budgets for travel and other expenses, it took $1.70 in U.S. currency to buy one British pound. By the time those budgets took effect in January, the exchange rate was about $1.80 to the pound. By late summer, things were really grim, with the rate at about $1.95 to the pound.
September 14, 1987 |
The Philadelphia Stock Exchange is set to make financial history this week by becoming the first U.S. securities market with evening trading hours. After the clang of a ceremonial opening bell at 7 p.m. Wednesday, traders from around the world, linked by telephones and computers, will begin swapping options and futures on Japanese yen, Australian dollars and German marks, said Joseph S. Rizzello, PHLX senior vice president. By being open from 7 to 11 p.m. Sunday through Thursday, Rizzello said the PHLX hopes to accommodate traders in Tokyo, Hong Kong and Australia by bridging the 13-hour time difference.
August 5, 1986 |
United Medical Corp. yesterday reported that its revenues increased 16 percent for the three months ended June 30. Second-quarter sales for the Haddonfield company climbed to $13.6 million from $11.7 million in the period a year ago. However, net income for the supplier of medical equipment fell sharply to $225,000 or 6 cents per share from $606,000 or 22 cents per share a year ago. The company attibuted the reversal to a one-time pretax charge...
June 23, 1988 |
The dollar soared yesterday to its highest level in eight months against the West German mark, a move traders attributed to a signal that the major industrial democracies would accept a higher U.S. currency. The surge in the dollar's value against other currencies began early yesterday, apparently in response to a statement by West German Finance Minister Gerhard Stoltenberg in Toronto on Tuesday that the recent rise in the dollar was no cause for concern. Sources at the Bank of Japan in Tokyo made similar comments yesterday.
March 7, 1990 |
Global interest rates, including long-term rates in the United States, should begin falling by July by up to half a percentage point, according to the chief economist of Deutsche Bank, Europe's biggest bank. U.S. rates have risen about three-quarters of a percentage point since mid- December - hurting home sales and other long-term investments. The rise in U.S. rates has been attributed mainly to competition with rising rates in West Germany and Japan. But German rate increases were driven by fears of inflation that were unrealistically exaggerated, said Norbert Walter, the Deutsche Bank economist.