Word: marketeers
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Dates: during 1930-1939
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...period when favorable financial statements, increasing carloadings, bloated surplus bank reserves and low money rates point to rising prices on the stock market, brokers, politicians and business men face one vital issue. Can the federal government stop a runaway bull market? Optimists point hopefully at the recent regulations on short sales, the flexible margin requirements, and wide discretionary authority vested in the SEC and the Federal Reserve Board. But as Mr. LeFevre points out in the current Saturday Evening Post, all of these panaceas may prove futile unless the unscientific income tax imposed on capital gains is repealed...
...popular soak-the-rich measure, the capital gains tax places an unreasonably heavy levy on any profits made through the sale of securities on the open market. Briefly, if an investor bought General Electric Common at twenty and attempts to sell at thirty-seven, his seventeen dollar profit is so heavily taxed that he is literally compelled to hold on to the stock. The result is fatal to market stability. At a period of bullish enthusiasm when the number of buyers is unduly stimulated, the number of those who naturally be sellers is artificially restricted...
This danger is peculiarly significant in the current market. For over thirteen months the stock market has been steadily increasing. Yet almost all of the purchases have been made on a cash rather than a margin basis. Manipulation of margin requirements, technical recessions will not affect these holders of securities. And, since the sale of their stocks is made prohibitively expensive by the capital gains surtax, this group will remain on the long side of the market until there is a wholesale loss of confidence with resulting collapse of values. The absence of profit taking on the way up, inevitably...
Clearly evident in March quarter motor figures was the trend toward medium and high-priced cars. Low-priced makes gained only 16% compared to a 41%, rise for all others. Though still holding more than 90% of the market, the Big Three (Ford, General Motors and Chrysler) had their slice of the market pared slightly, independents gaining more than the general average. Furthermore, Ford safes fell off 24% from the same period last year. Ford's slump nearly cost the Man of Dearborn second place in the industry, reducing his margin over Chrysler to a bare 6,400 units...
...before going to work. He boasts that "Monsanto's net contribution to ... unemployment . . . was nil," since he never laid off a man during Depression, has twice as many people working for him now as in 1931. Satisfied, too, is Monsanto's Queeny that the firm's market is so diversified that no more than about 10% of Monsanto's gross profit comes from any one of the more than 300 chemicals it manufactures...