Word: money
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Dates: during 1950-1959
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...Villain: Congress. Banker Alexander agrees with the general view that part of money's tightness-and the highest interest rates (5% and up) in 28 years-is the result of demand for credit spawned by the strong upsurge of the new boom. But it is also the result of fumbled fiscal policy. Who is to blame for that? Says Alexander: "The Administration's policy is good, and the Treasury is doing all it can.'' The real villain, he says, is Congress. It has refused to raise the 47% ceiling rate on long-term Treasury bonds, thus...
Alexander believes there may be more jiggling of rates when holiday financing steps up and the steel strike ends. But, he says hopefully, "there is a good likelihood that the worst pressure on rates is past. A sustained strong upward force is unlikely." He does not think that tight money will harm the boom: "The supply of money and credit is not exhausted. The banking system is heavily loaned, but not loaned up." He is not concerned about high money rates, points out that for long periods short-term rates wrere actually above long-term yields. Says...
...deals primarily with big customers, but it hunts them with all the relish of a pointer after quail. Alexander has 70 bright young men, his "bird dogs," who spend all their time hustling up new customers, keep them happy with everything from new or better ways to use their money to getting them theater tickets...
...trust funds. Morgan Guaranty runs pension funds for such big corporations as Johns-Manville, Kennecott Copper, Philip Morris, the New York Times. It runs them well. Alexander's current appraisal of the stock market is one of caution; the bank is now putting only one-third of new money into stocks, compared with its normal...
PRIVATE-HOUSING starts will exceed 1,300,000 units in 1959, close to 1950 record (1,352,000), predicts Housing and Home Finance Administrator Norman Mason. In first nine months housing starts were at annual rate of 1,375,000, but tight money is expected to cause more than seasonal slack-off in last quarter...