Word: bonde
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Dates: during 1950-1959
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...financing brought another small drop in the Government bond market as older U.S. securities slid to bring their yields more in line with the new rates. Hopefully, the Treasury expects the market to stabilize before it is forced to raise more cash in two months. Secretary Anderson is under no illusions that his job of financing the debt will be easy. Last week, in a speech to the American Bankers Association, he pointed out a new problem he has to contend with...
...bond prices began to fall with the prospect of higher interest rates, speculators on thin margins were forced to sell, accelerating the decline. As specialists in collateral loans, Garvin, Bantel was active in financing for private buyers more than $300 million of the 2⅝% Government issue dumped so heavily by speculators. The exchange charged that Garvin, Bantel had failed to find out full particulars on its customers, to see whether they could commit themselves so heavily, that it had accepted less than the required 5% margin in some cases. Actually, the firm's part in the bond slide...
...bond market is still in the throes of a shake-out that Wall Streeters compare to the '29 crash in stocks. With the benefit of hindsight, bond experts lay the blame on Treasury Secretary Robert Anderson. Eager to stretch out the public debt, i.e., lengthen the maturing period of Government bonds, Anderson brought out medium and long-term bond issues in June, a poor time because the market was at the top of a speculative binge that had boosted the price of U.S. bonds (TIME, June 30). Many, gambling on a continued rise, bought the new bonds with nothing...
...Anderson have to find their way out of the debris of the bond break. Within the next month, the Treasury must raise $3.5 billion in new money, the first of a series of huge financing operations over the next ten months by which Anderson must raise new cash, and refinance some $46 billion in maturing securities. With private investors scared out of the bond market, the Treasury is counting heavily on commercial banks to buy its future issues. Since the banks can turn right around and borrow from the FRB on the bonds, this will also add to the credit...
...After a long, bitter industry fight, the whisky business finally had a new set of excise tax rules. Under the Forand bill, which was last week signed into law by President Eisenhower, distillers no longer must pay the excise tax of $10.50 per gal. on liquor held in Government bond upon withdrawal or automatically after eight years of storage. They now may hold it up to 20 years without paying...