Word: marketeers
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Dates: during 1930-1939
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...notable also in that TVA wholesale rates are 60% as high as private power rates, indicating that with a similar capital reduction private utilities could undersell TVA. "One of the most interesting angles of the allocation report," observed the Wall Street Journal, "is the flat assumption that the market will be obtained for all the power in calculating the earning power of the system. The only way they can do that, at present, of course, is to take the business away from the private utilities...
...report of bad weather and rust jumped Moody's commodity index to 136 last week. But a 25? drop brought the listed price of steel scrap to $10.75 a ton, positive proof that the key industry of steel had no immediate upsurge ahead. And the stock market last week again turned down without even approaching the 121 level on the industrial averages, penetration of which Dow theorists would have considered significant...
...March 1937, High Priest Rhea. although he could not say definitely that a bear market was beginning, cautioned his subscribers to think of protecting profits they had made in the bull market since 1932. Six months later, the Dow Theory gave a definite signal that the U. S. was in a bear market (ebb tide), had been in it since March. Thus, because it was succeeded by a wave with a lower crest and a lower trough, the March wave was proved to have been the high mark of the 1932-37 incoming tide. When September's definite signal...
...last week total bond trading on the New York Stock Exchange was a pee-wee $3,270,000. smallest five-hour day in 20 years. The same day, trading in bonds on the over-the-counter market, which has been grabbing more & more of the bond business, was estimated at $18,000,000. Over-the-counter bond trading amounts to wholesaling such as that of banks and insurance companies buying and selling huge blocks at a time ($5,000,000 in one deal is not unusual). Deals this big are virtually impossible on the Exchange because the attendant publicity would...
...research economist at the University of Chicago with the resounding name of Melchior Palyi took it upon himself to denounce this setup. Said he: "The ruling of the Comptroller has put the 'recognized' agencies into a strategic position which may permit them virtually to control the market. The agencies are under no governmental or other supervision . . . are extremely secretive about the technique at which they arrive at their judgment. ..." Mr. Palyi also had a long list of highly technical criticisms of the accuracy and permanence of the ratings. He was presently supported in his stand by Statistician...