Word: marketer
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Dates: during 1920-1929
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Interest during the past week was shifted from the security and commodity to the money market, through the rise in the N. Y. Reserve Bank rediscount rate (see below) from...
...change, although unexpected, nevertheless failed to elicit selling except to a minor extent in the bond market. It was generally taken to indicate the end of the period of very easy money which has prevailed in Manhattan since last summer; and also the long way that financial and industrial recovery has traveled since that time. Evidently the familiar "business cycle" has not become nonoperative through the plethora of funds. Evidence accumulates that large amounts of credit will be taken up by agricultural efforts this spring to plant large crops at high prevailing prices, and by considerable commercial expansion. Also...
...arose as to the cause for raising the rate, and whether it indicated a move to halt speculation in the stockmarket. Most editorial writers decided to the contrary −a position which the bank's own statement confirms. The New York Bank rate at 3% was below the market rates and also under every other Reserve Bank− Boston, Philadelphia, Cleveland and San Francisco already standing at 3½, and the other seven banks at 4%. As a result, money was leaving New York at a time when heavy foreign loans were drawing our gold abroad rather heavily...
...gold basis, it is necessary that Manhattan moneyrates remain well below those at London, in order to attract gold to Britain rather than to repel it. When the news of the change arrived in London, the Bank of England at once began to purchase bills in the open market, with the result that market-money rates rose. London financial writers at once took this to mean that the Bank of England would soon raise its rediscount rate from 4 to 5%, in order to keep money rates in London above those in Manhattan...
...stock dividend was declared and, on Dec. 1, the company was recapitalized. For an investment of $8,000 in September, 1917, and $1,000 more in February, 1920, the investor's holdings of the stock at a recent date would have possessed a market value of $59,087-an appreciation in principal of 555%. In addition, cash dividends meanwhile would have totaled $9,673, or about 14% on the cash investment...