Word: billion
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Dates: during 1950-1959
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...Treasury Department, which has had trouble raising the cash it needs, last week found a way to tap some new money. It issued $2 billion in four-year, ten-month notes at an interest rate of 5%, the highest since the tight-money days of 1929. The rate was so attractive that an avalanche of subscriptions poured in from small investors. Said New York's Manufacturers Trust: "It was fantastic. Everyone in the Government bond department was too busy to even go out for lunch." To help lure in individuals, the Treasury guaranteed that subscriptions...
...been forced to do most of its borrowing in the very-short-term (less than a year) market because of Congress' stubborn refusal in the last session to remove the 4¼% ceiling on long-term (over five years) bonds. Since June, the Government has financed nearly $16 billion in the short-term market, ballooned interest rates, dried up much of the normally available money supply. The rush for the new issue proved that Treasury Secretary Robert Anderson was on the right track when he asked for removal of the ceiling so that he could price bonds higher...
...billion is needed, in spite of the prospective balance of the budget, to pay the Treasury's bills until tax collections pick up early next year. The Department also expects to raise another $2 billion or $3 billion before January, but does not know at what rate. Some moneymen think that the end of the steel strike will see a big demand and further squeeze on the money market; others argue that the impact of the post-strike demand has already been discounted. In any case the new bonds show that, given favorable interest rates, there is still plenty...
...years to come-was handed down last week by snow-mustached Judge Walter Jacob LaBuy. Framing the terms for the long-awaited divorce of Du Pont from its 23% control of General Motors stock, Judge LaBuy ruled that Du Pont may keep its 63 million shares (market value: $3.5 billion), but must give up its voting rights...
...told, Du Pont estimated that G.M.'s 744,000 stockholders and Du Font's 209,419 stockholders would lose, in taxes and stock values, about $5 billion. Said the court, applauding Du Font's presentation, and needling the Government: "The testimony [offered] by the defendants, that of men of wide experience and great responsibility for investing funds and marketing securities, must be given great weight. The type of evidence introduced by the Government, consisting of the testimony of economists without practical experience or management responsibility, cannot overcome the weight of such testimony." Then, borrowing almost the same...