Word: humphrey
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Dates: during 1950-1959
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SECRETARY of the Treasury George Humphrey, worried about criticism of his tight-money policy, will soon make a major speech defending it. He will argue that higher interest rates benefit the many rather than the few because there are more moneylenders than borrowers in the U.S. Among the moneylenders Humphrey includes anyone who has insurance in a mutual company or has money in a pension fund which invests...
...since World War II had the Treasury faced as tough a financing problem as confronted Secretary George M. Humphrey last week. Actual payouts for defense goods hit their peak at a time when the deficit for the fiscal year just ended reached $9.3 billion. This was $3.4 billion higher than Harry Truman's January estimate, and more than double last year's deficit. To meet the cash requirements of the next three months, Humphrey had to raise $6 billion-in a soft Government securities market (TIME...
Last week Humphrey, who had wanted to put more of the U.S. debt into long-term bonds, was forced to swallow a short-term financing nostrum which had lain unused on the shelf since 1934. He will offer $5.5 to $6 billion worth of income-tax anticipation certificates, paying 2½% and maturing in eight months. As an added inducement, the certificates will pay interest to March 22, 1954, even if used March 15 to pay taxes. Humphrey hopes to sell at least $1 billion of the certificates to non-bank buyers, but expects banks to take the rest...
...Although Humphrey did not like it, the short-term paper seemed the only answer in a market still upset by his 30-year bond issue of April, and congested by more than $7 billion worth of federal, state, city and corporate bonds offered so far this year-the biggest six-month total in history. Explained Humphrey's deputy, W. Randolph Burgess: "Savings money of the type you tap when you offer a long-term security accumulates slowly. You can't go to the well too often. You have to allow time for the well to fill up again...
Treasury Secretary George Humphrey has already asked the House Ways & Means Committee to correct the "many conspicuous abuses [of the tax law] by highly paid individuals." And two bills to repeal the "Hollywood clause" have been introduced. But protests have already been heard from engineering firms and mining companies. Probable solution: exempt the first $20,000 earned overseas, tax the rest at regular rates...