Word: one-year
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...major change in U.S. fiscal policy. In the past, every time an issue of short-term (i.e., one year or less) Government securities has come due, the U.S. has simply offered another short-term issue to replace it. Last week, in exchange for an $8.9 billion issue of one-year certificates falling due Feb. 15, Treasury Secretary George M. Humphrey gave investors a choice of 1) a similar one-year replacement issue of certificates, or 2) bonds maturing in five years, ten months. Humphrey's eventual goal: to put the $267 billion national debt, now 80% concentrated in securities...
Among other things, this would help ward off further inflation by tying up money for longer periods; it would also lessen the danger of U.S. bonds going begging in future economic crises. The new issues will cost the U.S. more in interest (2¼% for the one-year securities, 2½% for the longer-term bonds, v. 1⅞% for the maturing issue). But actually the new rates are in line with or better than the current market in U.S. bonds. Furthermore, Secretary Humphrey and his chief fiscal adviser, Randolph Burgess, think that the long-run advantages to the Government...
...paid job of foreman in a Ford tool & die room. Fired again in 1932, he went off on a three-year bicycle trip through Europe and parts of Asia with his brother Victor, now U.A.W. representative in Europe. The Reuthers supplemented their funds with occasional jobs, among them a one-year stint in Russia's Gorky auto plant...
...Management Training program is a one-year graduate course in personnel and business administration tailored for the specific needs of women...
...President Conant has delayed choosing a successor. Today students and faculty wait uneasily, unsure of who the new head will be and how he will reorganize the curriculum. Besides this, there is a deficit of about $10,000 a year for the school to erase. It has necessitated many one-year appointments, and a corresponding number of insecure instructors. Some on tenure spend little time teaching, concentrating on private practice, while the rest bear heavy teaching loads with inadequate salaries...