Word: year-end
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Will the tight money market get tighter still? Last week, Wall Street apparently feared that it would, and that worry, plus year-end tax selling and the Suez crisis (see below), sent stocks on the Dow-Jones industrial average edging down to 472.56, nearly 50 points off the peak last April. The tip-off to Wall Street was the U.S. Treasury's action: it had to offer an interest rate of 3.043% to sell $1.6 billion worth of 90-day bills, a rate slightly higher than the Federal Reserve's 3% rediscount rate. Traditionally, when the Treasury rate...
...getting so cold on the upper reaches of the Mississippi that the University of Minnesota football team decided on a year-end vacation. Pasadena's Rose Bowl seemed just the place. "We've talked it all over," said Coach Murray Warmath, "and if we're good enough, we'd like to go." The unbeaten Gophers figured to be more than good enough to beat Iowa's corn-fed Hawkeyes and earn the trip to California...
...billion (6.2%) over 1955's first quarter. But consumers are spending more for nondurable goods such as food, amusement, utilities and clothing and less on cars and other durables. While incomes have gone up, the rate of new savings is down $600 million from 1955's year-end level. In addition, notes FRB, total consumer installment debt is still rising. The seasonally adjusted rate for 1956's first quarter showed a $2.5 billion jump over 1955's first quarter, while extensions of new credit were clipping along at an annual rate of $3.3 billion higher than...
...year-end rankings of The Ring, unofficial bible of boxing, Floyd Patterson is not even a heavyweight. Last week SPORTS ILLUSTRATED set the record straight: "It is now as clear as anything can be in the future books of boxing that [the] lithe young Brooklyn Negro-who celebrated his 21st birthday last month by challenging Rocky Marciano-will be the next heavyweight champion of the world...
...stepped up advertising, put new emphasis on installment selling. As a result, gross sales for 1955's final eleven months were up 10.1% to almost $1 billion, and are expected to grow even faster in 1956. Furthermore, the annual dividend was boosted from $3.50 to $4, plus a year-end extra...