Word: marketing
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Dates: during 1960-1969
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...title of general manager, and Michael Morrow, its only fulltime staff writer. Obst acknowledges that the service has a left-of-center tone, but he adds: "This is not an antiwar news service, but rather a pro-truth news service." The son of a Los Angeles advertising man, Obst marketed the Hersh story with chip-off-the-old-block hustle. He sat down with a copy of Literary Market Place, which carries the phone numbers of newspaper editors, and started making calls. The approach, Hersh jokingly told him at the time, was somewhat like selling Campbell's soup...
Baron knows that most manufacturers will not produce such equipment unless assured of a large market. Nor will users buy it unless compelled to by law. He therefore devotes his time to publicizing the dangers of noise, hoping to push legislators into enacting effective new noise-abatement regulations. Until such laws are passed and enforced, however, all Baron can offer his fellow sufferers is silent sympathy...
Right or wrong, that statement is a classic example of the thinking now creating turmoil in U.S. financial markets. Attention has focused on its impact on the stock market, where traders are increasingly depressed by the fear that inflation, and with it tight money, will continue indefinitely. In the past three weeks the Dow-Jones industrial average has dropped almost 50 points, to last week's close of 812, barely above the year's low. Trouble is much worse in the bond and mortgage markets, the nation's primary channels for funneling savings into the construction...
...crisis has been long building. In a current book, The Price of Money, Sidney Homer and Richard Johannesen date the bear market in bonds from 1946, when high-quality corporate debentures sold at interest rates of 2.45%. But the rise in rates and the concurrent drop in bond prices have speeded up enormously since the current inflation began in 1965-and especially this year. Last week, for example, the New Jersey Turnpike Authority sold $137 million worth of bonds at a tax-free interest yield of 7%, compared with a 5⅞ yield on bonds that it had sold four...
...bond-mortgage slump reflects even more the ravages of inflation. Corporations, for example, are hurrying to build new plants before construction costs rise even further (see following story), and are selling huge quantities of new bonds to raise the cash. This month U.S. corporations will try to market $1.2 billion worth of new bonds, their heaviest December financing in history...