Word: market
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Dates: during 1940-1949
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...Hoover task force report, awaiting approval by the full commission, suggested some further shifts. The Federal Reserve Board's power to fix stock-market margins would be transferred to the Securities & Exchange Commission, and the Reserve Board cut from seven to three members. At the same time, the board would be given more monetary and fiscal influence by getting exclusively the important job of buying & selling U.S. bonds to stabilize the market. This job is now done by the powerful Federal Open Market Committee, five of whose twelve members are Reserve Bank presidents elected by commercial bankers. The board...
...recommendations promptly brought criticism from some bankers. They objected to any increase in centralization and wanted to keep bond operations in the hands of the Federal Open Market Committee. Said ex-President Hoover, who has had long experience with both businessmen and bureaucrats: "By the time it is all over, we expect an aggregate of 100% of those affected to resist reforms...
Where is the stock market going? All ready to analyze the tea leaves and gaze into the crystal ball, 500 members of the National Federation of Financial Analysts Societies gathered in Manhattan last week to see what they could see. The analysts, who advise brokers on what to tell their customers, found the market's future full of ifs, ands & buts...
...thought that a strong bull market was just around the corner, but some expected an "intermediate" rise. Said Chicago's Dow Theorist Justin F. Barbour: "The market pattern . . . suggests that 1949 will prove to be a 'Down' year." Then he hedged his remarks. If the market does not break decisively through its low point of last November, he said, it will be a Dow signal that there may be "an important rise." In any case, "a normal bull market is unlikely . . . until all the basic industries are confronted with . . . competitive conditions...
Glenn G. Munn of Manhattan's Paine, Webber, Jackson & Curtis seemed bullish. Said he: "Time is running out on this stock market [down] cycle." On the other hand, he was also bearish: "Business may be in a slow-motion rollover into an oldfashioned, spiraling, chain-reaction decline." However, investors should also remember that "we are in ... the Treasury-Keynesian-Keyserling cycle. That means Government intervention-cheating the silly down-cycle from its accustomed brutal innings...