Word: bond
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Dates: during 1940-1949
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Boom in Juniors. Quietly, unspectacularly, corporate bonds moved up also-to a seven-year peak. With plenty of cash in their pockets, bond-buyers went bargain-hunting, notably in the "junior" bonds (second liens) of many a borderline railroad bailed out by the war. This made the boom in juniors the phenomenon of the year to date. Example: Illinois Central 55 (1955) hit 90 last week, up some 20 points since the first of the year...
...mounts, which contain some 7,000 watchlike parts. To man his plant in manpowerless Minneapolis, he raided other companies, even gave his workers a $10 bonus for each new worker brought in. To whoop up pro duction he served turkey dinners in the plant for 25?, gave War Bond door prizes, installed foot baths for employes, bombarded them with such Hawley slogans as: "Let's work like hell for liberty." The Navy showered "E's" and praise on Hawley. Said one admiring naval officer stationed at the plant: "We have surpassed predictions that were called fantastic...
...Like war bond drives, this campaign in based on the simple point that you can't lose and are sure to win. The Navy's women's auxiliary offers trainings, a good job with good pay, and a chance to do something for your country. It offers everything that a Navy man can get except going...
This resulted from Pennsy's attempt last July to sell a $28,483,000 bond issue of its subsidiary Pennsylvania, Ohio & Detroit Co. through Kuhn, Loeb, which had long been handling most of their refinancing. As usual, prompt objection had come from peppery Cyrus Eaton, boss of Cleveland's Otis & Co., and from publicity-shy, dapper Harold Stuart of Chicago's Halsey, Stuart & Co. Champions of competitive bidding from way back, they cried that the traditional system of financing through private negotiation be tween underwriters and railroads had al lowed Kuhn, Loeb and Manhattan's Morgan...
...found it "reason able to believe" that they would. Sensibly, it held that only an actual test would tell how the system will work out. As a pre caution, the ICC left a big loophole in its ruling: competitive bidding can be waived by the ICC on specific bond issues...