Word: money
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Dates: during 1950-1959
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...tight-money squeeze sent business borrowing costs to their highest level since 1931. Banks all over the nation raised their prime rate to 5% after the pace-setting First National City Bank of New York boosted its prime rate from 4½% to 5%. Since the 5% applies only to top risks, the increase means that smaller businesses will probably have to pay 5%½ or more...
...Treasury, restricted by the 4¼% interest-rate ceiling on long-term bonds, can no longer sell such securities, it has had to compete against consumers and small business for available funds in the short-term market. Last week the Treasury's borrowing costs for short-term money rose to 3.979%, up from the 3.889% paid four days earlier, and the highest since the 4.25% paid during the bank holiday...
...clerk in one of Britain's largest investment trusts last week shook open a soiled manila envelope, and out fell a wad of crumpled ?5 notes, accompanied by a crudely scrawled order to buy stocks. "The man probably had the money in his mattress for 25 years,'' said a fund executive, "but we're getting used to this sort of thing." This "sort of thing" was such a rush to buy shares in British corporations that the Financial Times's share index soared to 259.7, up from 188.1 last fall. Many a broker grumbled that...
...About Mutuals. The boom in stock ownership in Britain was reflected in many a nation around the world, showed a profound change in the savings habits of people with small incomes. Before, if they saved at all, they put their money under the mattress, or in government securities or postal savings. Today, millions who once looked on stock ownership as the pastime of the rich, and stock exchanges as sinister cabals against the common man, are eagerly investing in capitalism. One of the easiest ways, as in the U.S., is through mutual funds...
...Losses. The planemakers are not yet making money on their commercial jets, although the jets have proved to be enormously profitable to the airlines. Boeing has delivered 55 of its 7075, has orders for 197 in all. But it still needs orders for 50 more before it can hope to turn a profit, is losing $500,000 to $750,000 on each one it delivers. Douglas Aircraft last week won FAA certification for its DC-8, which will be put in service this month by United and Delta airlines. Even though Douglas has 143 planes on order, it needs...