Word: crediteer
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Dates: during 1930-1939
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...came to San Francisco's late Senator James Duval Phelan when he was 21. When he died in 1930, aged 69, he left $20,000 to Tennist Helen Wills Moody, $20,000 to Author Gertrude Atherton, scores of other bequests to natives whose brain or brawn had reflected credit on his beloved state.* Last week another of the Senator's benefactions posthumously bore fruit when the San Francisco Art Association awarded the first $2,000 Phelan Traveling Scholarship to Helen Elizabeth Phillips, a young sculptor who in all her 23 years has never been outside the Golden Bear...
High though it is, Standard's credit has little to do with the company's ability to borrow money at 3%. Bonds like Standard's are called "money bonds," meaning that the price and yield are determined by the state of the money market, not by the state of the borrower's credit. Government bonds are the best example of money bonds. Typical corporate money bonds are Atchison, Topeka & Santa Fe Ry. general mortgage 4s of 1995, now selling at 114; Chesapeake & Ohio general mortgage 4½'s of 1992, selling at 125; Consolidated...
...been progressively lower interest rates. At first interest rates declined because there was less demand from businessmen for money, a normal depression phenomenon. Since the New Deal, however, the Treasury and the Federal Reserve Board, working in close harmony, have borne down on the money market with every available credit control, chiefly those whose manipulation tends to build up big bank reserves. One purpose of this easy money policy was to make private borrowing cheap, the hoary formula for reviving depressed business. So far U. S. businessmen have done little new borrowing, though they have taken advantage of the cheap...
...short-term financing is done at such low cost that it is actually cheaper than it would be to print and distribute greenback currency. Meantime, commercial bankers have had a curious change of heart about Government bonds. Instead of predicting the imminent collapse of Government credit through New Deal spending, they are now buying long-term Treasury issues as fast as they can. Government bonds have been pushed to record highs and the bankers are convinced that they will stay there, if not go higher. Some people are even talking of the day when the cautious investor will have...
...clear profit, for installment paper means high overhead. Nevertheless, favored still further by a tremendous pickup in the volume of installment buying, financing companies are reporting record high earnings. Last month Commercial Investment Trust Corp. upped its dividend, declared a 20% stock dividend. Last week its traditional rival, Commercial Credit Co., also upped its dividend (from $2.50 to $3 per share), also declared a 20% stock dividend...