Word: bond
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Dates: during 1940-1949
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...Obstacle. Latin America, in previous U. S. experience, is a bum risk. Haunting the U. S. money markets are 155 defaulted bond issues of (or guaranteed by) 16 Latin American Republics. They represent 77.1% of the $1,600,530,070 (178 issues) floated by Latin America during the heyday of gold-plated foreign bondjobbing. After seven years of Good Neighbor talk, some of these cats & dogs are still selling for one and two cents on the dollar. This debris of the last spree is the first fact to be explained away by all advocates of new credits...
Between these extremes are friendlier Republics (like Colombia), which recognize the need of settling the bond question in a way that will make new U. S. loans respectable. In the middle too is the State Department, patiently trying to worm token payments out of defaulters to justify new credits and get the trade ball rolling...
...about $450,000 a year was spent for magazine advertising, about $200,000 for posters and chasing prospects by direct mail. Since then direct mail has been used alone on a mailing list of 9,000,000 names. Cost: some $260,000 a year. Results: $1,000 of bond sales for every dollar of expense...
William H. Bond 3G, of York, Pennsylvania; A.M. Harvard; English...
Last week came the offering. Unlike a bond issue, the Indianapolis stock was out of the normal orbit of insurance and trust companies. Throughout the U. S., 473 dealers (plus the 90 underwriters) lined up to pass it out in small lots. Less than two hours after the books were opened, the dealers had oversubscribed more than two times. Significant item: one-eighth of the issue was sold in Indiana. Next day, the new common sold over the counter at more than the offering price. The ice has been broken...