Word: much
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Dates: during 1960-1969
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Almost $3 billion in bonds that would have financed public construction-including a new school for Hondo and a modern hospital for Iron County-have proved totally unmarketable. Probably a much greater total of bonds has not been scheduled for sale because local officials fear that they would find no buyers. Michigan voters, for example, last year approved two issues totaling $435 million to finance antipollution and park-building programs, but state authorities have never tried to set a date for investment-banking houses to bid on them. They have reason for their timidity. About half of the investment-banking...
...purchases of municipals in order to conserve funds for loans to corporate clients. Municipal-bond prices dropped, and interest rates on outstanding bonds rose from an average of 4.85% in December to 6.37% in September. Laws in several states, notably Pennsylvania, Michigan, Florida and California, forbid payment of that much interest on new bonds. Those states, and their local-government units, have been unable to float new issues. Last week local governments failed to sell $142 million in public housing bonds paying 6% interest -even though they were backed by the credit of the Federal Government. Proceeds from the bonds...
Apart from the new small and sporty cars designed to frustrate the fast rise of imports, the 1970s look like and are much like the 1969s. In the year of déjà vu, the only completely redesigned full-sized car is the Lincoln, which, among other things, now has a body bolted to the frame for a quieter ride. Several cars have more powerful engines; the biggest of all is the Cadillac Eldorado's, at 500 cu. in. The Plymouth Barracuda is one of the few cars that have had enough sheet-metal changes to give...
...ailing moviemaker, with a stunningly successful tender offer for some $26 million of its common stock at $42 a share. In August, Kerkorian had picked up 22% of MOM's stock through another tender. Now his holdings will rise to at least 32% and perhaps to as much as 45% of the company's shares, depending on how much of an estimated $59 million worth of proffered MGM shares he actually buys...
...conservative moneymen of Europe for years treated Bernard Cornfeld, the Brooklyn-bred magnate of mutual funds, as though he had financial halitosis. Many prophesied an early demise for his Investors Overseas Services, which flouted tradition and aggressively sold mutual funds to investors abroad, much as Fuller Brush men peddle house hold wares in the U.S. Now that the raff ish upstart has built I.O.S. assets to $1.8 billion, he has become too rich and powerful to deride. Investment hous es seek Cornfeld's favor, and continental bankers have begun imitating his sales methods. Last week I.O.S. brought...