Word: maremmana
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Axis issues were on the climb. Typical examples: Jap bonds (Sterling Loan 53, 1907), which on the eve of war were quoted at 22, had risen to 29. Italian certificates (Maremmana Railway 55, 1862), quoted at 55, stood at 23^ when the U.S. got into the war; German (73, 1924, Young), selling at 17, had more than doubled. On the newly opened Frankfurt Exchange, stocks & bonds of much-bombed industries were 10 to 15% above wartime levels. Even in companies which had been completely destroyed, security prices were often 40 to 50% of their wartime value. But this...