Word: refundings
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Dates: during 1950-1959
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Dangerous When Wet. In Inglewood, Calif., suing Hartfield's department store, Patricia Muncy, 29, charged that her bathing suit had turned transparent when wet, leaving her "exposed to public gaze and ridicule," asked $10,000 to compensate for "shock" and a $10.53 refund for the bathing suit...
Last week, after the Herald's expose, DuPre was "in a state of collapse" and "under doctor's care." Said Author Reynolds: "I am shocked and sad and very sorry for George." Random House Publisher Cerf took a more commercial view: this week he offered to refund the price of the book to anyone who wanted it, and suggested to bookstores all over the U.S. that they move the book from the "nonfiction" display shelves to the "fiction" section where it belongs...
Despite the quick bond sales, it was a buyer's market, and big lenders drove some hard bargains. Before they would buy, 15 big institutional investors (mostly insurance companies) demanded that the Arkansas Louisiana Gas Co. agree not to try to refund a $35 million issue at a lower rate for the next ten years. The SEC, which usually opposes, in principle, such provisions to freeze current high-interest rates into an issue for long periods, let the clause stand, only because it thought Arkansas Louisiana probably could not have got the money without it. But the clause...
...trying to refund $8 billion of ten-year, 2% World War II bonds, Treasury's George Humphrey faced a 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...
...overestimated the Government's income this year by $2.2 billion. Humphrey will have to raise $6 billion in new money in the next three months. On top of that, he will have to raise about $6 billion more by year's end, perhaps $30 billion overall to refund old securities and float new ones...