Word: built-in
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...promise, Mollet last week made public the terms of a new $429 million bond issue that might have been devised by Rube Goldberg. The new bonds will not only pay 5% interest annually- many stocks on the Paris Bourse pay less than 3%-but also carry a built-in hedge against inflation. If, when the bonds come up for redemption-the last of them will mature in 1971-average stock prices on the Bourse have increased, the face value of the bonds will be increased proportionately. A fall in stock prices, however, will not reduce their redemption value below...
...Built-in Inflation. It remains to be seen how Bill Martin's current formula will affect the mixing bowl over the next critical months. A report by the Commerce Department and the Securities & Exchange Commission this week predicted that the money shortage-as intended -will force business to push some expansion plans over into 1957. But far from canceling major expansion plans, many businessmen argued that any possible savings in loan costs in the future would be more than offset by higher-priced labor and materials if they postponed construction. Said Arthur Longini, chief economist for the Chicago & Eastern...
TRAILER DWELLERS now number 3,000,000 in U.S., and "mobilehome" builders expect 1956 sales to go up 15% over last year's record $435 million. Reasons for the large jump: more livable trailers (air conditioning, built-in bars, etc.), high rents, national wanderlust...
...clash of generations, the impact of modern life on tradition. That Author Shellabarger wrote it at a pitch of sincerity cannot be doubted. Unfortunately, he was a carpenter of fiction and not an architect. In his historicals, that fact was nearly a virtue. In Tolbecken it exposes all his built-in limitations. The story is wooden, the characters stock, and coincidence is made to do the work of imagination. Yet it is so rare to find a contemporary novelist writing in praise of character that the literary defects seem almost less important than the simple moral lecture...
Kirk is too well aware of the imperfect nature of man to suppose that the world's happiness is just around the corner. He can hardly be called an optimist, and he suffers from the built-in defect of all who distrust specific programs-he has none of his own to propose. But he has faith in the accumulated wisdom of the past, in the ultimate integrity of the individual, in a relationship between God and man that will give life a meaning it cannot otherwise have...