Word: auctioned
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...rate unnecessary." So Chairman John J. McCloy of Chase Manhattan Bank last week told stockholders. McCloy had plenty of evidence that the months-long climb in money costs, which has carried the prime rate to 5%, highest in nearly 30 years, has spent its force. At its usual weekly auction of 91-day bills, the Treasury was able to sell at a yield of 4.12%, down from 4.44% a week earlier and half a point under the high of 4.67% in December. In the auction of 182-day bills, the Treasury came out with a yield of 4.61%, down from...
...dirt-poor. By last week the busy world had fully caught up with Gauguin. In just 30 seconds at Sotheby's in London, one of the happy renegade's last South Sea canvases was sold for a record $364,000. Other high prices in the auction of 185 impressionists and postimpressionists: $406,000 for Cezanne's Peasant in a Blue Blouse; $126,000 for a Van Gogh landscape. Total for the sale...
Honest Abe. In Klamath Falls, Ore., a bidder picked up a bust of Abraham Lincoln for $1.75 at an auction of unclaimed stolen goods, discovered that it was also a savings bank containing $4.50 in coins...
Newspaper readers sometimes get the impression that lost masterpieces of art turn up continually, and that any old-looking picture in the attic or at an auction may be worth a fortune. The day-after fact: the typical news story about the Rembrandt that Aunt Sophie found in a pushcart usually comes unglued just a few days after it has been front-paged, but by then, it is no longer news. Contributing to the confusion is the fact that art experts generally refuse to challenge such stories, for fear of libel suits. Result: gullible collectors spend thousands each year purchasing...
...Government bond department was too busy to even go out for lunch." To help lure in individuals, the Treasury guaranteed that subscriptions up to $25,000 would be allotted in full if the subscriber would pay in cash. Also, as part of the same financing operation, the Treasury will auction an additional $2 billion in tax-anticipation bills due next June...