Word: downwards
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...bidders express willingness to accept less & less of the property for the fixed tax sum sought. Usually the fractions go no smaller than one-eighth or one-sixteenth, but at one day's sales in Miami last week the bidding grew so hot that prices spiraled dizzily downward to thousandths, millionths, billionths. then trillionths, finally quadrillionths. Record was set by a man who paid $115.85 for a certificate representing a claim to 1/100 of 1/100 of 1/1,000,000,000,000,000 (quadrillionth) of a small Miami lot. He nosed out another buyer who got tired after reaching 1/90...
Still jolting downward last week were two British-dominated commodities, rubber and cocoa. In Manhattan, following one of those perennially disastrous revisions in the estimates of the Gold Coast crop, cocoa broke the full 1?-per-lb. limit, dropping well below 7?. There were strong suspicions that British cocoa interests had given U. S. speculators another thorough whipsawing, the British having the advantage not only of controlling the biggest source of supply but also of controlling the statistics. Only a few months ago the figures indicated a shortage, and cocoa was merrily bid up above 13? per lb. Last week...
...longer hold up because income taxes and other revenue had fallen $604,000,000 under expectations. He now foresaw a deficit on June 30 of $2,557,000,000, boosting the national debt to a peak of $35,500,000,000. With revenue estimates for next year revised downward, the President contemplated a deficit for fiscal 1938 of $418,000,000. But: "I propose to use every means at my command to eliminate this deficit during the coming fiscal year...
...seem as direct as action. Ralph Bates's second novel never mentions Spain's civil war or the state of Europe. It is the tale of how six men found their way down through society to a Greek sponge-divers' island, went the rest of their downward journey together. Freeth was a South of England boy who had run away from home and wandered in some shady places before he murdered a French prostitute in her Marseille hotel. Skinner was a hard-bitten skipper who had wrecked one too many ships for his crooked employers. Legge...
After one more downward swoop that carried the latest Treasury issue nearly two points below par, the Government bond market leveled off last week for the first time since the decline began early last month (TIME, March 22). Widely regarded as marking the end of the long bull market in bonds and the start of an inflationary stage in Recovery, the drop in Governments was followed by the shelving of half a dozen corporate bond offerings and a general tightening of sensitive short-term money rates. By any normal standard money was still ridiculously cheap but the up trend...