Word: humphrey
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Dates: during 1950-1959
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Like a man trying to fill a glass of water to the brim without spilling a drop, Treasury Secretary George Humphrey last week turned in a neat performance with the national debt. The Treasury's recent offering of $2 billion in seven-year 2¾% bonds went so well that Humphrey permitted it to be oversold by $240 million. With the market for Government borrowings beginning to tighten up for the first time in many weeks, Humphrey did not know when he would be able to sell bonds at such a low rate again...
...when the bonds were issued last week, they brought the federal debt just $25 million under the $275 billion limit, so close that the debt could easily spill over. So Humphrey dug into the Treasury's "free gold"-the profit realized in 1934 when President Roosevelt devalued the dollar (by increasing the price of gold from $20.67 to $35 an ounce). Using $500 million of the $1 billion left in the hoard, Humphrey bought U.S. securities from the Federal Reserve System and cut the debt by $500 million...
...Humphrey's balancing act is far from over. From here on, he can keep under the limit only by cutting into...
Treasury Secretary George Humphrey took advantage of easier credit conditions last week to borrow some money cheaply and move a step forward in his program of "stretching out" the national debt. He also put the debt within $400 million of the $275 billion ceiling...
...sale went $2 billion worth of 2¾% bonds that mature in eight years instead of short-term securities. To make them attractive to banks, Humphrey made the bonds fully marketable at any time and set the interest rate slightly above the current low market rate on similar bonds, but well below the cost of long-term money last spring. The reception was all he had hoped for: by the end of the first day, the issue was not only sold out, but oversubscribed by $10 billion as investors rushed...