Word: bond
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Dates: during 1950-1959
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John Giles Pierce, 19 next week, is a tall, husky youth with a yen to play with dynamite-or worse. Discharged from the Navy and also out on bond on a burglary indictment, he enrolled at Tyler Junior College. Aiming to be an X-ray technologist, he took practical lab work two hours a day at Mother Frances Hospital. In a back room at home he did such impractical work as making rockets that blew up ("The fuel was just too damn powerful," he explains...
Appealing to the new power of women unleashed since the war, brokers have spread the gospel of manibiru (money building)*all over Japan, display elaborate charts and brochures in remote hamlets to show how buying one $28 bond every month will build to $2,800 in 78 months. Every investment company has its "Golden Tree" or "Millionaire" club, whose members avidly read financial news bulletins, flock to jargon-heavy lectures by female stock-market experts. Companies operate scores of advisory offices in department stores and train stations, where shoppers and commuters can dash in to buy shares in investment trusts...
...campaign, the Democrats say, is unemployment. The recession hit the state hard and Furcolo points out that his administration extended unemployment insurance benefits from 26 to 39 weeks and liberalized the vocational retraining program during the crisis. Furcolo mentions that his bill to float a $50 million bond issue to finance state projects and create jobs was killed by the Republican controlled Senate...
With Government bonds near record lows, bond speculators have been taking much of the blame from the Government for their part in the debacle. Last week one of the biggest Wall Street dealers in Government bonds hit back with some plain talk about speculation and Government bond policies. The U.S. Treasury, said Aubrey G. Lanston, president of Aubrey G. Lanston Inc., not only encouraged speculators to come into the market by tailoring its offerings to attract them, but would have been unable to sell $26.5 billion of recent middle and long-term securities without "a good dose of speculation...
...theory behind the big Treasury refunding launched last January, said Lanston,"was that it should be set up to appeal to the rife speculation existing throughout the country that interest rates were bound to move lower." To attract speculators and investors, the Treasury issued a 3½% longterm bond at par when the market yield on Government bonds was only 3^%. "This was equivalent to undercutting the market price by five whole points. Surely, the speculators weren't supposed to stand idly...