Word: markets
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Dates: during 1950-1959
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Passing through Poland late in the week, U.S. Agriculture Secretary Ezra Taft Benson was asked what he thought of the agricultural-circle idea, responded that in the U.S. "we believe in the strength of the free market and of profit as a driving force in production." When a Polish journalist raised the question of the crop supports that produce the U.S.'s whopping annual food surpluses, Benson was obliged to make some embarrassing qualifications about the free market and subsidized U.S. agriculture. But nobody in Poland doubted for a moment that Wladyslaw Gomulka would cheerfully exchange his own farm...
...status is a far cry from its humble and parochial birth. Brainchild of three young men named Charles H. Dow, Edward D. Jones and Charles M. Bergstresser, who had made a modest mark by peddling financial news to customers around Wall Street, the Journal was conceived as a stock-market chronicle in 1889. When Dow. Jones & Co. was sold in 1902 to Clarence Walker Barron, a self-taught finance expert from Boston, Barron kept the Journal hard on course...
...heavy bidding was welcome news to the Treasury, which had been forced to do most of its borrowing in the very-short-term (less than a year) market because of Congress' stubborn refusal in the last session to remove the 4¼% ceiling on long-term (over five years) bonds. Since June, the Government has financed nearly $16 billion in the short-term market, ballooned interest rates, dried up much of the normally available money supply. The rush for the new issue proved that Treasury Secretary Robert Anderson was on the right track when he asked for removal...
...collections pick up early next year. The Department also expects to raise another $2 billion or $3 billion before January, but does not know at what rate. Some moneymen think that the end of the steel strike will see a big demand and further squeeze on the money market; others argue that the impact of the post-strike demand has already been discounted. In any case the new bonds show that, given favorable interest rates, there is still plenty of money around...
...perhaps for years to come-was handed down last week by snow-mustached Judge Walter Jacob LaBuy. Framing the terms for the long-awaited divorce of Du Pont from its 23% control of General Motors stock, Judge LaBuy ruled that Du Pont may keep its 63 million shares (market value: $3.5 billion), but must give up its voting rights...