Word: marketed
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Dates: during 1960-1969
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...paper work glut, brokers are often unable to deliver securities within the legal five-business-day period. Though such "fails" have not yet been a serious problem, technically they now represent a $3.24 billion debt owed by firms caught short of certificates. The situation could become critical if the market were to drop sharply and investors were to renege on orders that had been placed weeks before but not delivered...
Behind the Dip. Last week the market did fall sharply. The Dow-Jones industrial average dropped 13.60 points on the first day, recording the worst setback since June 5, 1967. For the week, the Dow dropped a total of 25.45 points to wind up at 888.47, way below the cherished "support level" of 900. Brokers claimed that the sell-off was a delayed reaction to bad news concerning the Paris peace talks and the Czechoslovak-Russian confrontation, combined with an anticipated economic slowdown as a result of the 10% tax surcharge. Frederick Stahl, chairman of Standard & Poor's, suggested...
...gold drain can be partially attributed to the success of the four-month-old "two-tier" price system. Under that arrangement, the U.S. now sells bullion at the official $35-per-ounce price only to foreign central banks, thus forcing private speculators to purchase gold on the open market. Gold fever has also been dampened by the fact that France is no longer in a position to cash in dollars for U.S. gold. On the contrary, a good part of the gold that has flowed into the U.S. comes from France, which has been forced to dip into its hoard...
...study also proposes that the Federal Reserve discount rate be made more flexible to keep in line with other money-market rates. The rate could be changed as often as once a week, said Federal Reserve Board Governor George W. Mitchell, who headed the board's study group of ten. In the recent past, discount-rate changes were watched chiefly by foreign central bankers for evidence of U.S. resolve to tackle its balance of payments deficit. In the past nine months the rate has been upped three times, from 4% to 51%. This was interpreted abroad as an encouraging...
Shifts in Britain's $3.6 billion tobacco industry have bankers and investors doing a not-so-slow burn. It all began when a fight for control of Gallaher Ltd., the industry's second largest company ($940 million in annual sales, 27% of the market), turned into an all-American battle between Philip Morris and American Tobacco Co. With more and more of their industries being bought out by U.S. corporations, Britons were scarcely cheered to see another such move. What bothered them more was the way the takeover was handled. With the aid of two prestigious British financial...