Word: worth
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Dates: during 1960-1969
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...sounds. Last week, while the astronauts remained in quarantine aboard the carrier U.S.S. Hornet, the world finally got a close-up view of the Ocean of Storms. Movie and still films brought back by the astronauts were flown to Houston, decontaminated, developed and released by NASA. They were well worth waiting...
...camp. Mr. Brouček involves a flight to the moon (although the propulsive liquid is beer rather than rocket fuel) and a 15th century invasion of Czechoslovakia. The Makropulos Case tells of a 300-year-old woman who discovers the secret of eternal life and finds eternity not worth enduring...
...high-quality corporate debentures sold at interest rates of 2.45%. But the rise in rates and the concurrent drop in bond prices have speeded up enormously since the current inflation began in 1965-and especially this year. Last week, for example, the New Jersey Turnpike Authority sold $137 million worth of bonds at a tax-free interest yield of 7%, compared with a 5⅞ yield on bonds that it had sold four months earlier. Interest rates on high-grade corporate bonds are threatening to go above 9%. The yield on bellwether U.S. Treasury bonds maturing in 1992 has climbed...
...mortgage slump reflects even more the ravages of inflation. Corporations, for example, are hurrying to build new plants before construction costs rise even further (see following story), and are selling huge quantities of new bonds to raise the cash. This month U.S. corporations will try to market $1.2 billion worth of new bonds, their heaviest December financing in history...
What Is High? Simultaneously, inflation makes bonds or mortgages unattractive investments. If prices kept on rising during the 20 to 40 years that investors often must wait for full repayment of principal, investors eventually would get back dollars worth much less than those they originally lent. Meanwhile, interest rates would keep on climbing-to levels that might make even today's yields look piddling because lenders would demand even higher returns to keep ahead of prices. (Some mortgage lenders now grumble that they are "stuck" with loans made years ago at interest that seemed high then...