Word: marketeers
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Dates: during 1930-1939
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...trading securities outside of an exchange is an over-the-counter dealer, o-t-c firms range in size from one man behind a dirty glass partition to frenzied establishments with 175 telephones. Because there can be no o-t-c ticker and hardly any published quotations, the market prices are established largely through dealer-to-dealer telephone inquiries. Dealers act either as brokers (buying securities on commission for customers) or traders (selling securities they own to customers...
This indisputable evil is counterbalanced by numerous advantages which make the o-t-c market virtually indispensable. Since most exchanges will not accept new security issues without much red tape, counter trading is their primary market.* It is also the primary market for buying and selling huge blocks of securities. On the New York Stock Exchange, sale in one deal of $10,000,000 in bonds would cause tremendous speculative excitement and price fluctuation. On the o-t-c market, it passes unnoticed. Secretive firms, loath to disclose their finances, also prefer to have their securities traded on the over...
Bootlegging. In Philadelphia & Reading's petition under the Bankruptcy Act it cited the loss by 'legging of 4,000,000 tons annually. But this highly publicized illicit trade is no longer what it was. Several States have legislated against bootleg coal, leaving Philadelphia almost the sole market; surface outcrops suitable for bootleg mining are approaching exhaustion. Bootlegging never accounted for more than 8% of the total anthracite output, probably employed only 20,000 men at its peak. Last week the Commission guessed that it now employs...
...Chain-store beef sales jumped 34% in August over August 1935; the price of choice steers rose from $8.58 in June to $10 in September; cattlemen received more August income than the previous five-year average; the Government had to buy only 5,000 head to hold up the market instead of the 2,500,000 it bought...
...others which followed had a long-range effect not originally foreseen. In a campaign for lamb, prices continued to rise for six months after the promotion slopped. In pushing grapefruit, one chain company developed so many new customers that its sales rose 1,695% m rural territories. A new market was opened up. One farm woman wrote: "I boiled the thing [grapefruit] for three hours and a half and it was just as tough afterward as when I began...