Word: spur
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SAVINGS BOND BOOST in interest to 3¼% from 3% was signed into law by President Eisenhower. To spur sagging sales, law will make $18.75 bonds worth $25 in eight years, eleven months after purchase instead of current nine years, eight months. Rate applies to Series E bonds, also Series H bonds that have a face value of $500 or more...
...Iraq, the strength of the Baghdad Pact countries against Communist aggression. The announcer: Special U.S. Ambassador and Ike-Doctrine Salesman James P. Richards. The announcement: the U.S. will provide the pact's four Middle Eastern members (Iran, Iraq, Pakistan, Turkey) with $12.5 million in Eisenhower Doctrine funds to spur "regional" highway, railroad, telecommunication projects. In Saudi Arabia, Richards scored heavily with King Saud, who bought deeper into the Eisenhower Doctrine by issuing a joint communique promising "to oppose Communist activities, other forms of imperialism and any other dangers that threaten peace and stability in the area...
SPAIN'S SHAKY PESETA, which sank on foreign markets to 56 for $1 v. official rate of 38.95 to $1 as result of Spanish economic crisis (TIME, April 1), is being devalued to 42 to $1, will probably slide to 45 later. To spur lagging exports, Franco is also wiping out the multiple-exchange rates that favored importers over exporters...
...insured loans on houses appraised at $9,000 or more. Instead of pegging downpayments at 7% on the first $9,000 of the home's cost, 27% on the rest, FHA will now ask only 5% on the first $9,000, 25% on the balance, hopes to spur home buying by .low-and middle-income families, despite tightness of mortgage funds...
...sale to Reynolds Metals Co. of more than 25% of state's St. Lawrence power, on top of same amount already promised to Alcoa. Reynolds will build $88 million aluminum reduction plant on St. Lawrence near Massena, N.Y., and General Motors will put up aluminum casting foundry there, spur lagging industrialization in the upstate area...