Word: marketeers
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Dates: during 1930-1939
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Economist Lionel Danforth Edie: "My guess is that the bottom of the low money rate cycle ... is right now-I mean in 1936, and the middle of 1936. . . . The high-grade bond market is inflated and inflated relatively more than the stock market was in 1929 and it is just as vulnerable to a very sharp move the other way for similar reasons...
Economist Frederick Robertson Macaulay: "The bond market has reached such high levels it may eventually even be necessary artificially to bolster the prices of Government securities if the condition of the banks is not to be the factor that will lead, some years hence, to another general collapse...
...keep money cheap. And this argument is used by both commercial bankers, who are buying Government bonds because they can find no other outlet for their funds, and by investment bankers, who would like to see a cheap money era prolonged because it makes for a good bond market. Long periods of cheap money are not unprecedented. For 23 years from 1886 to 1909 British Government consols, a taxable security, never sold to yield more than...
...fault of the investment banker if, due to the fact that a bond was brought out at a time when bond prices generally were very high, as is the case at present, the market price at some time during the life of the security declines. . . . The banker does not make prices. Nor is the banker responsible for the high level at which investment securities are selling today. The Government itself, by the various ways in which it is contributing toward easy money, is one of the responsible factors, and when subsequently prices drop-as they are bound...
...most tobacco companies, advertising is more important than tobacco. When P. Lorillard Co. put Old Golds, on the market in 1926, it floated a $15,060,000 bond issue solely to finance promotion. Camel advertising costs R. J. Reynolds Tobacco Co. some $10,000,000 annually. But during Depression, two oldtime tobacco men discovered another and a cheaper method of selling cigarets. They were Reuben Morris ("Rube") Ellis, long time president of Philip Morris & Co. and Leonard Burnham ("Mac") McKitterick. Their cigaret was Philip Morris English Blend, which is now crowding Old Gold for fourth place in the roster...