Word: evens
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Dates: during 1960-1969
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...that it had sold four months earlier. Interest rates on high-grade corporate bonds are threatening to go above 9%. The yield on bellwether U.S. Treasury bonds maturing in 1992 has climbed to 6.72%, and the price of each bond has dropped from $1,000 in 1962 to $714. Even at those interest rates, most bond issues are selling slowly. Mortgage rates on homes have risen to an average 8.12%, and financing for many would-be home buyers is painfully unavailable...
...lending in order to conserve scarce funds for direct loans to business. Insurance companies, which are normally major buyers of bonds and mortgages, are being drained of cash by loans that they must make to policyholders who cannot get credit so cheaply elsewhere. But the bond-mortgage slump reflects even more the ravages of inflation. Corporations, for example, are hurrying to build new plants before construction costs rise even further (see following story), and are selling huge quantities of new bonds to raise the cash. This month U.S. corporations will try to market $1.2 billion worth of new bonds, their...
...unattractive investments. If prices kept on rising during the 20 to 40 years that investors often must wait for full repayment of principal, investors eventually would get back dollars worth much less than those they originally lent. Meanwhile, interest rates would keep on climbing-to levels that might make even today's yields look piddling because lenders would demand even higher returns to keep ahead of prices. (Some mortgage lenders now grumble that they are "stuck" with loans made years ago at interest that seemed high then but is low now.) The end result of this process would...
...nickel prices had been expected, but the increase from $1.03 per Ib. to $1.28 was the largest in this century. Inco rested its case for the steep rise as much on its plan to spend $600 million for expansion by 1973 as it did on the wage increases. Even without the strike-induced shortage, the world demand for nickel has been outpacing supply, and the imbalance could continue for several years...
...management negotiators, prior agreement to negotiate any point of conflict and earlier involvement of national unions in local disputes. Beyond that, the price for labor peace in the U.S. would require that both labor and management relinquish part of their cherished economic sovereignty. So far, the U.S. has not even begun to debate that question...