Word: pars
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Dates: during 1930-1939
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...week he breaks the morning by a horseback ride from 9 to 10 a. m. Lunching at the officers' mess, where both Japanese and Western food is served, he often orders ham & eggs, washes them down with tea at a total cost of one yen (50? at par, now about 7?). Younger officers knock off about 4 o'clock for tennis or other sports. Not so the tireless oldsters and Lieut.-General Araki who is 55. He always works until 6, then goes to his club or directly home to a pleasant villa with a formal Japanese garden...
Regarding domestic matters, the bond market spoke its disbelief in the likelihood of inflation or devaluation of the dollar, its confidence in low money rates. High-grade issues forged ahead even when the inflationists were speaking their loudest in Washington (see p. 12). Many good 5% issues sold above par and second-grade bonds jumped more rapidly than stocks. Transactions were on a large scale and many recent sessions resulted in over 100 new highs. Early this week all bonds, including Governments, were faltering a little. Altogether bonds on the Stock Exchange gained $1,500,000,000 in value since...
...last day of the year traded a third mortgage for its note held by Illinois Life, thereby slashing its current liabilities by $600,000. Illinois Life allowed the hotel 78? on the dollar for its third mortgage but on the same day put the mortgage on its books at par. Although Stevens Hotel first mortgage bonds were then selling at 25? on the dollar, Illinois Life credited itself with a $200,000 profit. That did not end the amazing jugglery, for a few days later the Stevens Hotel gave notes to Illinois Life not in exchange for the third mortgage...
...constantly increasing cost of policing Japan's puppet state have brought the Empire to a fiscal brink. Next year's budget is to balance at the largest figure in the history of Japan-the fantastic sum of 2,239,000,000 yen ($1,119,500,000 at par, $470,019,000 at current exchange). So much money cannot be raised by taxation. It is to be raised by what will amount to forced internal loans with consequent inflation and further depreciation of the yen. Clearly the only way to lead the Japanese people down so dangerous a road...
Meanwhile the 64th session of the Diet, opened by Emperor Hirohito in Tokyo this week, faced the most colossal public debt ever incurred by Japan: nearly seven billion yen ($3,500,000,000 at par, $1,400,000,000 at current exchange...