Word: bond
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Dates: during 1950-1959
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...weeklies (combined circ. 20,630) owned by Paddock Publications led all U.S. weeklies last year in advertising volume. Cleveland's Heights Sun-Press (circ. 29,000), serving 14 communities, runs a regular Washington column on subjects that affect suburbanites, boasts that none of the political candidates or school bond issues it has backed in twelve years has been defeated...
...more than two years Wall Street's bond market has been sagging like a sick puppy. But last week U.S. Government bonds snapped back for the most hopeful sign of recovery in bond prices since late 1954. Long-term Government bonds scored the largest single day's advance since June 1953, shot up as much as if points during the week, a healthy gain for gilt-edge securities. Encouraged by that sharp rise, trading picked up swiftly in both corporate and municipal bonds. New issues moved quickly into investment portfolios, and many municipal bonds sold out completely...
...Wall Street bond dealers the upturn ended, at least temporarily, one of the worst periods in bond-market history. Though bonds have never been an investment favorite because of their fixed interest rates, the big bull market had made them particularly unattractive. As stocks have upped dividend payments, the bond market has gone down...
Even when the big rise in stocks cut their yields?and the tight money policy started interest rates up?the bond market did not recover; it was swamped as corporation after corporation, cut off from long-term loans by tight money, floated bonds to pay for their enormous expansion. In 1956 a record 1,843 new bond issues worth $12.3 billion were floated. Since most of the new issues were forced to offer higher interest rates to attract investors, prices of older, less profitable bonds dropped. Thus the average price of all listed domestic bonds on the New York Stock...
...Free Headache. Of the 656 corporate domestic bond issues traded on the New York Stock Exchange in 1956, only 44 showed price rises for the year. Among them: Bethlehem Steel (up 30?), Southern Natural Gas (up 16½), Detroit Edison (up 11), General Dynamics (up 8?). Tax-free municipals were even more of a headache. In 1956 alone, $5.4 billion in tax-exempt bonds were floated, bringing the total municipal debt to nearly $50 billion. This flood of issues, competing for an already restricted money supply, forced the market down further...