Word: billioned
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Dates: during 1950-1959
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INDIVIDUAL SAVINGS will rise to $300 billion by early 1960, from $288.5 billion at end of last June. Long-term savings in life insurance, banks and Government bonds now average $5,500 for each U.S. household, v. $4,000 in 1950, only...
MOONSHINE WHISKY sales last year rose to record $1 billion, and 55,000,000 gal. moonshine production accounted for between 20% and 25% of all liquor consumed in U.S. Government's losses: $750 million...
...Treasury wanted to raise only $2 billion on its new 5% note, aimed to attract the little investor. But the demand was so great that $11 billion in orders poured in last week. "There was such a crowd on the floor," said the vice president of a New York mutual savings bank, "that for a moment I thought there was a run on the bank." All over the U.S., investors pulled their money out of their institutionalized socks to buy the four-year, ten-month issue, which finance officials have gleefully dubbed the "magic fives."* The New York Federal Reserve...
...told, 108,000 individuals and organizations bought nearly half of the $2 billion issue. Only 26.6% went to commercial banks; thus Treasury officials were highly pleased that most of the issue was kept out of the commercial banking system, which pays for Government securities with newly created dollars. The Government increases the nation's purchasing power when spending these dollars, thus adds to inflationary pressures...
...reasons for the smiles in Washington. The new bonds promptly sold at a premium on a when-issued basis. This reduced their yield to buyers to 4.79%, but it also stirred interest in other Government bonds, perked up the market to the best level in weeks. Though nearly $9 billion of Treasury securities fall due Nov. 15 and must be refinanced, they continued strong on the hunch that if the Government comes back with another 5% issue next month, the holders of these notes would receive valuable subscription rights...