Word: marketing
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Dates: during 1920-1929
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Speculators chewed ragged cigars last week, conferred past midnight, lost their sleep. Thursday's stock market had closed strong when the Bank of England did not raise its rediscount rate. Then, late in the afternoon, came announcement that the Federal Reserve Bank of New York had raised its rate from 5% to 6%. Wall Street was caught unprepared. Tycoons rushed to telephones, brokers called up bankers. Ten members of the Stock Exchange were seen leaving a Broad Street building in one nervous, gesticulating group. Long after the dinner hour two Rolls-Royces still waited outside the austere House of Morgan...
Federal Reserve. Last February the Federal Reserve Board harassed the market by convening every Thursday to discuss a raise in the rediscount rate, then reporting "no announcement.'' It formally announced that "when it [the board] finds that conditions . . . obstruct Fed eral Reserve Banks in . . . so managing credit facilities as to accommodate commerce and business, it is its duty . . . to take measures to correct them; which, in the immediate situation means to restrain the use of Federal Reserve credit facilities in aid of the growth of speculative credit." For months no more was heard. Brokers and speculators forgot. Last week when...
What the "peculiar conditions" were he did not say. But they obviously included the English situation, easier credit needed for moving the fall crop. Stock Market excesses, high call money rates. For Governor Young to have been explicit would have been untraditional. Because it is impossible to make a complete statement taking into consideration every factor discussed, the Federal Reserve Board makes no explanations, merely presents the simple fact of its decisions...
...Market. Commuters on their trains last Friday morning discussed and laid grim bets on how far the Market would fall. The Los Angeles and San Francisco markets, still open on the previous afternoon when the Board's announcement was made, had crashed badly. Six hours ahead of New York, Friday's market at Amsterdam had opened with U. S. Steel plunging downward. To add to the threat of another Black Friday*; was the fact that brokers loans reached a new all time high, over six billion dollars. At the New York Stock Exchange, the gallery was packed with spectators...
...first call goes through, the event will mark not only a noteworthy technical achievement. It will be even more likely to nourish financial hopes among holders of telephone company stocks. All summer long A. T. & T. stock, usually conservative in its behavior, has been booming along in the stock market at prices up to 292, which is 23 times earnings. The hopefulness of the speculators has not been based on expected revenue from telephone conversations with Buenos Aires. The point is that A. T. & T. is in a position to take the lead in any major telephone merger that...