Word: marketing
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Dates: during 1950-1959
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During World War II, U.S. mines in such big lead and zinc states as Idaho and Utah operated at top capacity, and the U.S. encouraged foreign producers by buying every ton they could deliver. Prices and production fluttered after the war. In 1953 the market sagged, but was quickly buoyed up by a U.S. grain-for-metals barter program and stockpiling. But this year, with enough lead and zinc stored up to last an estimated three years, the U.S. eased off on stockpiling. Prices tumbled from 16? to 13½? a Ib. for lead, from 13½? t010...
...lifted its foot. FRB Chairman William McChesney Martin Jr. and his board approved a cut in the discount rate from 3½% to 3% by Federal Reserve Banks in New York, Richmond, Atlanta and St. Louis. The remaining eight districts were expected to follow soon. Next day the stock market reversed its bearish decline of recent weeks (see below), and U.S. businessmen everywhere breathed a sigh of relief...
Under different circumstances the Federal Reserve might have chosen some less spectacular method, such as open-market operations to increase bank reserves and ease credit. It chose a flat cut in the rates it charges member banks on loans as a dramatic signal to businessmen that it has changed its policy. The increasing worry of economists is not the state of business itself but the businessman's view of business, which has turned alarmingly sour in recent months. Said White House Economic Adviser Gabriel Hauge: "Business is better than business sentiment." And for this lack of confidence the Federal...
...keep credit tight come what may. Only a fortnight ago Chairman Martin preached harshly about inevitable declines (TIME, Nov. 18). As it turned out, says Martin, "I talked too long"-meaning he may have laid it on too thick. Now Martin, who is no man to overstay the market, finally agreed with many businessmen that the risks of deflation outweigh the problems of inflation. He wants the U.S. to understand that just as the Federal Reserve carefully-and correctly-set out to pinch the inflationary bubble off the boom, so it also stands ready to ease credit to help prevent...
...stock market had closed, and the streets of Manhattan's financial district were rain-soaked and half-deserted when word came of the Federal Reserve's decision to reduce its discount rate. Wall Street was caught completely by surprise, but it acted fast. West Coast markets were still open, and they were swamped with orders to buy. Stocks rose sharply on the Pacific Coast Stock Exchange, giving the San Francisco branch its busiest hour in 25 years...