Word: bond
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Dates: during 1970-1979
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...checks-that Amexco can make a handsome offer for almost any corporation. Last week it surprisingly bid for McGraw-Hill Inc., the publishing empire (1977 sales: $659 million) that produces Business Week, some 60 other magazines, newsletters and information services, as well as books and Standard & Poor's bond-rating service; it also owns four TV stations...
...successful is the Burlington project that the city's 45,000 residents have approved a $40 million bond issue to build a 50-megawatt wood-fired generator to supply most of the area's electricity needs beginning in 1983. Says Alan Turner, head of Vermont's wood-energy program: "There are lots of questions about nuclear power in people's minds. Moreover, New England is at the end of the line for coal transportation and completely at the mercy of foreign oil price fluctuations. Wood, however, is right here, and the technology is proven...
Inflation kills the $25 bond...
...savings bond was pronounced dead last week, slipping away to join such other relics of the pre-inflationary past as the 5? candy bar and the two-bit shoeshine. The bonds will continue to be sold through Dec. 31, 1979, after which they will be replaced by a costlier series that will pay the same 6% but have a much longer maturity. The old issue sold for $18.75 and paid $25 in five years; the new one will cost $25 but pay off $50 in eleven years and nine months...
...when Hitler was preparing to invade Russia, that the first buyer anted up $18.75 for the first $25 Series E bond. By last year 2.7 billion of them, $67.5 billion worth, had been sold to kids who brought in their pennies and workers who had money deducted from each paycheck. Sales held steady over the years, even though inflation made the bonds a bad investment. But the expense of processing them went up so much that it did not pay to issue them. "The cost is the same whether the bond is $25 or $100," says a Treasury official...