Word: discounted
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Dates: during 1930-1939
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...transfer them to him abroad. The foreigner was told that he could use these "blocked marks" to buy goods in Germany or could sell them to someone else in his own country who wished to do so. Obviously the foreign creditor could sell his blocked marks only at a discount and the effect of this was the same as a subsidy enabling the German exporter to boost sales by quoting lower prices. As the system grew it became so complicated that Dr. Schacht's books now have entries representing some 20 different kinds of marks in actual...
Meanwhile last week Premier Blum staked his Government's prestige on an appeal to the French small-Capitalist class to buy up a huge "baby bond" issue, broken into shares as low as $6.60 apiece. For the occasion the Bank of France, threatened with partial nationalization, lowered the discount rate to 3% and announced that gold reserves were up, the flight of gold from France ended...
...which can be interpreted to suit the individual taste. But the great question is how. Economists have long agreed that the Bank of France should be able to exert a stabilizing influence in national life, and should particularly have power to exert its influence through effective use of re-discount and open-market policies...
Lehman Corp. sold 1,000,000 shares of stock in 1929 for a flat $100,000,000 in cash. During Depression it found the most profitable use for its funds to be investments in its own stock, which sold at big discount from asset value. More than 300,000 shares were thus retired, and though Lehman's total assets are now only $62,700,000, asset value per share of common stock was more than $116 at the year-end as against $111 on the first day of business...
Most plausible Josefowitz biography said that the family was originally neither Lithuanian nor Swiss but Russian. They were said to have engaged in a wide-scale business of discounting Soviet bills. From 1924 to 1931 U. S. exports to Russia totaled about $600,000,000. These purchases were handled through Amtorg Trading Corp., the Soviet purchasing agency in Manhattan. Amtorg paid some cash, gave notes for the greater part of the Soviet obligations. Many a U. S. industrialist, suspicious of Soviet credit, was willing to sell his Soviet notes at a large discount. The Josefowitz', confident that Russia would...