Word: marketeers
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Dates: during 1930-1939
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Wall Street felt last week the Government's power should be used to ease restrictions on trading in order to provide market liquidity as requested last month by President Charles Richard Gay of the Stock Exchange. Screwing up his face as though his remarks were very distasteful to him, Securities & Exchange Commission Chairman James McCauley Landis, as he retired to become Dean of Harvard Law School,* last week finally replied to President...
Said Private Citizen Landis: "If you have a great number of accounts in which people are waiting to move at a moment's notice and are fearful, you create instability but you may have volume. Against that type of market we have taken our stand. It is interesting to observe where the real cushions come from and our figures of last week indicate where they came from. During last week the small man was buying in large volume. . . . Panicky feelings arise in the congested financial centres...
...arguing for the elimination of the speculator, but he should not dominate the market. ... If you are interested in volume alone, you will cry out against anything that cuts that volume. If you look back at the number of people who, because of conditions which prevailed even before 1924, made a living by inducing other people to gamble, you see why that outcry, why the demand for higher commissions and why the demand for lower margins." Condemning the "panicky speculators'' who "know that Wall Street is bounded on the east by Long Island but forget that...
...less than estimated a month ago but a billion more than last year. At present prices of 63? a bushel for December corn in Chicago, the crop is worth about $1,606,000,000. Last week, with this huge harvest due to begin pouring on the market about Oct. 1, by a freak of commerce the corn futures market on the Chicago Board of Trade was threatened by the tightest "natural squeeze" or corn shortage in years. This was due to the fact that last year's short crop left the smallest carryover of this century. As a result...
...about the same. Peanut farmers were not included in the original AAA, but after a price shambles brought on by a 560,000-ton crop in 1934, they were taken into the fold. Last week, in order to keep this year's crop from drugging the market, AAA officials in Washington held a conference with 100 representatives of growers, arranged for four general co-operative marketing associations to buy peanuts for diversion into by-products and oil instead of sending them directly to market. Last week southwestern growers were asking $65 a ton. Virginia growers as much...