Word: ratings
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Dates: during 1950-1959
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...reported that new orders in April reached an estimated $50.6 million, nearly double the $28.3 million during the same month last year, and well ahead of shipments (see chart). Said James C. Hodge, executive vice president of Warner & Swasey Co., leading U.S. toolmaker, whose orders are up at a rate more than 100% higher than last year: "We expect new order increases to continue during this year and probably into...
...Board last week ordered new regulations to curb stock market credit. The Fed kept its basic rule that investors must put up 90% cash on new stock purchases. It added new provisions, effective June 15, to cover accounts in which stocks were bought on margin before the present margin rate. Formerly, if an investor sold stock, held on a margin below 90%, he had to use only 10% of the proceeds to pay off his debt to the broker. Now he must apply 50% of the proceeds. One exception: if the investor sells his stock and buys another...
When money rates are rising, even well-priced bond issues often meet a cool reception because buyers are waiting for still higher rates. Last week the U.S. found buyers scarce for its latest issue. To holders of $1.8 billion in maturing issues, the Treasury offered to exchange a short-term (one year), attractively priced (4.05%) issue. Instead of taking the new issue, 30% of the noteholders asked for $547 million in cash, highest attrition rate since the record...
Though attrition was high, the Treasury had expected it, had enough cash on hand so it will not have to go to market again immediately. The T-men felt that sweetening the issue with a higher interest rate would not have done much good. With the pickup in business, corporations can see other uses for the money, are reluctant to hold an issue for a year. They prefer shorter-term bills, even though the rates are lower (2½-2⅝%) until they can see where money rates are going...
...week's end the rates went up. Major New York banks hiked their prime interest from 4% to 41%, equal to the prerecession level. The boost reflected heavier demands for bank loans by both business and consumers, also brought loan rates into line with yields on bonds. Most bankers now expect that the Federal Reserve will raise the discount rate from its current 3%. As interest rates climb, they will drive down farther a market already at a historic...