Word: bonde
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Dates: during 1950-1959
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...business manager, was no man to laugh at them. He got them permission to scour the Midwest for plans that grew a bigger price tag by the hour. "We always went big," says Schaerer, "and this was really big. But the school board didn't duck it." One bond referendum was defeated; but just before the next one in 1957 President Eisenhower spoke twice on television in a post-Sputnik appeal for more science education. That did it. St. Charles kicked in the money. Says Schaerer: "Never has a school district had a more talented and renowned speaker supporting...
...four-year, ten-month notes at an interest rate of 5%, the highest since the tight-money days of 1929. The rate was so attractive that an avalanche of subscriptions poured in from small investors. Said New York's Manufacturers Trust: "It was fantastic. Everyone in the Government bond department was too busy to even go out for lunch." To help lure in individuals, the Treasury guaranteed that subscriptions up to $25,000 would be allotted in full if the subscriber would pay in cash. Also, as part of the same financing operation, the Treasury will auction an additional...
...refusal to take care of the matter of our long-range financing is one of the most serious things that has happened to the United States in my time." Thus President Eisenhower last week criticized Congress for its failure to raise the 4¼% ceiling on long-term Government bond rates (TIME, Sept. 21). Raising the interest the Government pays on such bonds, argued Congressmen, would only be an open invitation to all other money rates to go up, would cost the Government more to finance its debt. Last week interest rates were going up anyway without an invitation...
Congress' refusal to raise the ceiling on the long-term end of the Government bond market has forced the Treasury to do all its financing in the inflationary short end. Between now and Jan. 1, the Treasury has to refinance almost $12 billion in old debt and borrow $7 billion in new cash. So much money borrowed in the short end has created a strong pressure to shove all interest rates higher. The process is already operating. Last week, as the 91-day bill rate went up to nearly 4.2% from 3.979% on the sale a week before...
Some bears counter that the reverse spread between stock and bond yields (see chart) will cause a shift in money from stocks to bonds. They argue that in the past, when bond yields have far exceeded those of stocks, the market has tumbled. But investors in today's market have shown little interest in getting highly taxed dividends; most are seeking capital gains, which are not only lower-taxed but are a hedge against inflation. Those who have shifted over the past year have had heavy losses, because prices of bonds have fallen-although their yields have risen accordingly...