Word: one-year
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...problem. Many experts predicted that anywhere from $1.5 to $2 billion of the maturing bonds would be cashed, forcing him to raise that much new money. Instead, Humphrey offered bondholders a choice of new one-year certificates paying 2⅝% interest, or 3½-year notes paying 2⅞%. Last week he announced that 59% of the bonds had been turned in for one-year certificates. Moreover, 38% were exchanged for the 3½-year notes, and only $263 million actually had to be paid in cash...
...relentless facts. Last week he faced the problem of refunding $8 billion of maturing World War II bonds, which were fairly long-term (ten years). To refinance them on a long-term basis would cost prohibitive interest rates. Instead, Humphrey announced he would offer the holders a choice of one-year certificates at 2#&8541;%, or 3½-year Treasury notes at 2#&8542;%. That is short-term, and it is the highest interest the Government has ever had to offer for such issues...
...father, but his fiancée brought him to New England instead, to work for her father, general manager and half-owner of what was then called the Uxbridge Worsted Co. Having married the boss's daughter, Walter took a job as apprentice mill hand on a one-year trial, liked it so well that he stayed on. He advanced to overseer, superintendent and assistant general manager; when his father-in-law died in 1932, 31-year-old Walter took over as operating boss...
...that free-world nations must be allowed to sell more goods in U.S. markets. On Capitol Hill, however, hostility to this point of view has been vocal and widespread. Gloomy free-traders even predicted that the 83rd Congress would refuse to grant Dwight Eisenhower's request for a one-year extension of the Reciprocal Trade Agreements Act, which permits the President to lower U.S. tariffs in return for similar concessions by foreign countries. Three weeks ago the House gave pessimists a pleasant surprise by voting Ike his extension. Last week the Senate followed suit, and all that remained...
...Guard Republicans, said Texas' Johnson, are frustrating and obstructing the President: "The President asked Congress for a one-year extension of the reciprocal trade agreements . . . The Republicans looked at each other in embarrassed silence . . . Maybe we can find a few Republicans willing to go along with their President and get it passed . . . He has asked for steps to strengthen our allies in the battle against Communism. The Old Guard Republicans reply that they cannot go along. Only the Democrats can save this program. He has asked for steps to strengthen our fiscal position. A Republican chairman is ready...