Word: marketeers
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Dates: during 1930-1939
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Among the major causes for the bear market which has existed since March were the smash that month of the British commodity boom and a simultaneous dishoarding of gold under rumors that the U. S. was about to raise the gold value of the dollar. Last week almost the exact reverse of this situation became evident. U. S. commodity prices were almost all at the year's cheapest and the Dow-Jones commodity index declined 3.26 to 52.60, a new low since 1935. Cotton was down to 7.70? per lb., wheat to 86? per bu., copper...
...plant, Carrier Corp. can triple its present output and still have plenty of elbow room. And if Salesman Willis Carrier is able to get his old plants off his hands-Carrier stockholders were urged to write in if they knew of anyone who was in the market-Carrier common stock may earn substantially more than the $1.43 per share earned for the first three quarters this year. Currently Carrier stock is selling at $29 a share, down from the year's high of $67.50. But Willis Carrier had more immediate things than the stockmarket to think of. First thing...
...Investment Bankers Association of America convened at White Sulphur Springs, W. Va., last week and simultaneously Wall Street witnessed one of the tightest squeezes in market history due to a unique set of circumstances which perfectly illustrate the unhappy state of investment banking...
...September, Edward B. Smith & Co. and other investment houses underwrote an issue of 442,443 shares of Pure Oil Co. 5% preferred stock convertible into Pure Oil common at $22.22 per share. But the coincidence of the market smash with the slow period of gestation which the Securities & Exchange Commission requires before permitting new stock issues threw the conversion plan askew. When the offering was finally made, Pure Oil common had fallen to $17 per share. As a result stockholders who had first rights to the stock took only 8,040 shares. The underwriters then took over the balance, impounded...
...securities, as is shown by the fact that bank loans for commercial purposes have risen steadily all year, though industry has been receding and new security issues have been virtually frozen. Until very recently this has been worrisome only to investment bankers forced to scratch for commissions. But the market crash has made the matter headline news by damming up some $150,000,000 in new security offerings which underwriters dare not release for fear of getting stung like Edward B. Smith...