Word: marketeers
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Dates: during 1930-1939
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...delegate from St. John's of Lattingtown Church in Locust Valley, where he usually takes up the collection. Cornered by photographers with his friend the Rev. William R. Watson, he grumped : "I don't see why they take my picture. They must be a drug on the market...
...free. With income taxes what they are, the net yield on Standard's bonds to a big corporate investor is only about 2.65%. What makes Standard's bonds so desirable is that there are relatively few bonds of big super-solvent industrial corporations on the market. Big institutional investors snap them up to keep their portfolios diversified...
High though it is, Standard's credit has little to do with the company's ability to borrow money at 3%. Bonds like Standard's are called "money bonds," meaning that the price and yield are determined by the state of the money market, not by the state of the borrower's credit. Government bonds are the best example of money bonds. Typical corporate money bonds are Atchison, Topeka & Santa Fe Ry. general mortgage 4s of 1995, now selling at 114; Chesapeake & Ohio general mortgage 4½'s of 1992, selling at 125; Consolidated...
...booming ever since has been progressively lower interest rates. At first interest rates declined because there was less demand from businessmen for money, a normal depression phenomenon. Since the New Deal, however, the Treasury and the Federal Reserve Board, working in close harmony, have borne down on the money market with every available credit control, chiefly those whose manipulation tends to build up big bank reserves. One purpose of this easy money policy was to make private borrowing cheap, the hoary formula for reviving depressed business. So far U. S. businessmen have done little new borrowing, though they have taken...
...number of professional economists are seriously alarmed by what they consider an inflated bond market. At a meeting of the New York chapter of the American Statistical Association last fortnight no less than three went on record with loud warnings. Said Columbia University's Leland Rex Robinson: "Now hardly seems the time to pay high premiums for bonds. . . . The higher the grade of bond the greater the speculation in buying it now. It is difficult to see how the artificially low interest rates and bond yields . . . can much longer continue...