Discount Rate Falls To 4 Percent Spurred Wall Street
New York stocks rose as expectation grew that the Federal Reserve would cut the discount rate to 4 percent from 4 1/4. The Dow closed up 0.06 at 61.25 amid broad gains and heavy volume of 9.48 million shares.
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Foundations rise as major not for profit force in America
The Ford Foundation leaders push limits on COMSAT and highlight the rapid growth of foundations in numbers and assets. Foundations now total about 45,090 with assets around 20.4 billion and annual disbursements near 1.2 billion, reshaping power and policy in the U.S. economy.
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Paper dresses from mulberry bark debut in Taipei
In Formosa the Ling Long Ang's Paper Co. unveils handmade paper dresses crafted from mulberry bark. Each dress sells for 25 cents and is advertised for eight wearings. The first fashion show is planned for Saturday.
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