Word: terme
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Dates: during 1950-1959
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WAYNE LYMAN MORSE, 58, third-term Senator from Oregon, onetime law professor, longtime political migrant who has been in turn a Progressive, Republican (until late '52), Independent and Democrat; credited with one of the Senate's keenest forensic minds; famed on Capitol Hill for windiness (he once orated nonstop for 22 hr. 26 min.), unpredictability, ferocity in debate, and a capacity for nursing grudges...
...Pushed steadily toward combat readiness when, as Max Taylor's Vice Chief (1957-59), he got a running start into his own term...
...sick Government-bond market last week had its worst sinking spell. As prices of old issues hit new lows, their yields rose as high as 4.28%. exceeding the 4¼% ceiling on coupon rates the Government can set on new long-term bonds. Not since the hectic, tight-money days of early 1932 have yields risen so high. The sinking spell came at a particularly bad time for Treasury Secretary Robert B. Anderson; he needed $5.3 billion to carry the Government through June...
...Anderson took an unorthodox step: instead of setting a rate on a single issue of short-term securities, the Treasury this week will auction off $3.5 billion in such notes to see what the buyers will pay. Then it will set the rate on a $1.8 billion short-term issue. Anderson tried no long-term bond, simply because the Treasury can not get an interest rate high enough (i.e., above 4¼% ) to sell it. Publicly, the Treasury is keeping a stiff lip. Privately, it trembles...
There is a growing feeling at Treasury and at the Federal Reserve Board that the 4¼% limit will have to be raised by Congress, even though economists and businessmen worry that raising the rate would cause a general rise in long-term rates and tighten money enough to choke off gains in business. Finding a solution to the Treasury's problems cannot wait much longer. In July the Treasury will have to borrow additional billions. A sudden sharp contraction in the stock market might conceivably cause a shift back into bonds, but nobody regards that as a real...