Word: credited
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Dates: during 1950-1959
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...Delhi, India's Finance Minister Morarji Desai warned Parliament of the widening gap in foreign exchange, said the government may have to ''mobilize" all the nation's gold-from women's jewelry to hoarded bullion. India needs some $300 million additional credit this year, $500 million next year, more than a billion dollars by 1961. Desai found the situation so desperate that, to avoid defaulting on foreign payments, he was preparing at week's end to make his first journey outside India to plead his nation's case in London, Washington, Montreal...
...last week demonstrated the kind of fiscal responsibility that Economist Reierson was talking about. Deciding that it was time once again to lean gently against the economic winds. FRB gave the San Francisco Reserve Bank permission to hike its discount rate from 1¾% to 2%, the first such credit-tightening boost in eight months. The other eleven Federal Reserve banks will probably follow suit soon, thus signaling that 1) the Fed agrees that the recession is over, and 2) it is on guard to make certain that the recovery proceeds in a sound, orderly fashion...
...drop in U.S. bonds stemmed largely from speculation. Because there is no margin requirement on Government bonds, speculators have been able to buy them for as little as 2% in cash. Last winter and spring, as credit eased, speculators correctly guessed that Government bonds would rise. Buyers poured into the Government bond markets and made a killing, as competition among bond buyers pushed prices of new issues far above par. For example, the 3½% bond that came out in February was bid up to 107.10, a price that gave speculators a profit of 250% on their actual cash investment...
...Fumble. But in June the merry-go-round slowed down, as the recession bottomed out and business started up. Speculators, anticipating renewed inflation and Government tightening of credit, started getting out. As Government bond prices fell, shoestring speculators were forced to dump their holdings, driving down prices more. One new Treasury issue, the 2⅝% bonds, fell to 95.16 last week, despite the Treasury's unusual step, in July, of buying back nearly $600 million of the issue. An even sharper skid hit the 3¼% issue: it dropped...
...certificates to aid the Treasury's July refinancing operation. As the effect of this wore off and hopes for more substantial assistance faded, the shock of disappointment sent bonds down some more. Last week, in raising margin requirements on stocks, the Fed signaled possible new moves to tighten credit-and bond prices fell again...