Word: marketer
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Dates: during 1920-1929
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...explained by Secretary Mellon: 1) Money is borrowed in advance of actual needs with a consequent loss of interest; 2) The Treasury must give the certificates, which it sells at par, as low an interest rate as possible, yet high enough to meet momentary conditions of the money market. This involves difficult guesswork...
Through the market town of Arundel and up the Hill of Bury toward the ancient round grey towers of Arundel Castle traveled and trudged last week, in their traditional best, 5,000 town and country folk. Some had traveled 70 miles down from London; most had trudged from nearer homes in the West Sussex country which spreads its downs and rivers below high Castle Hill. All had come to be birthday guests of Bernard Marmaduke FitzAlan-Howard, Premier Duke and Earl and Hereditary Marshal & Chief Butler of England, Duke of Norfolk, Earl of Arundel, Earl of Surrey, Earl of Norfolk...
Last week U. S. granaries grew greater and greater with stored wheat. U. S. wheat markets went through heavy liquidation. U. S. wheat dropped below 95? per bushel, lowest price since 1923, and as low as the lowest low since the War. In recent years dollar wheat has been an ebbtide mark, a symptom of a demoralized market, a text for sermons on overproduction and the farmer. But last week dollar wheat would have been good news: 90? wheat seemed to be the new low level for which crop prices were heading...
...gloomy though the situation appeared at the close of last week, the market opened this week not with a further decline but with a frenzied rally. Wild was the excitement in Chicago's wheat pit. Opening prices showed variations of five points at different parts of the floor. Trapped shorts, feverishly covering, were shooting prices up at the rate of a cent between trades. At the close of the day, the market had staged a $300,000,000 advance, registered net gains of some 5½ to 5⅞ points. In one day almost one-third of the three...
Chief factor in the sudden change was information from Washington that the Government would apply $100,000,000 of its revolving fund to help out the wheat market. As wheat closed last week at 98, and as it costs about $1.23 to raise a bushel, it was difficult to see how much lasting good $100,000,000 would do in an 880 million bushel crop. Traders, however, did not pause to work out the economics of the situation. The fact that help was coming was sufficient. Furthermore, the market had been oversold, and prices forced below their natural level were...