Word: markets
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Dates: during 1920-1929
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Last fall Phelps Dodge Sales Co. was formed to market the products of the same group amounting to approximately 500,000,000 lbs. a year. In January Phelps Dodge made overtures looking forward to acquisition of a group of brass foundries and copper and wire and tube works in Connecticut and New Jersey.* Thus in one year Phelps Dodge has added to its mining and smelting business, the refining of its own products as well as a comprehensive sales organization, and is reaching out to acquire an interest in the copper fabricating industries. In short, it is setting...
...Money Market. There is no argument but that a Federal Reserve rediscount rate of 5½% would be more in keeping with present credit conditions than the 5% rate now obtaining. Last week call money was at 8% to 12%, time loans at 7¾%, commercial paper at 5¾%, bankers' acceptances (60 days) at 3 3/8%. The Federal Reserve rediscount rate was at the very bottom of the money market, was lagging far behind the general trend toward higher and higher interest rates. Theoretically an index to prevailing conditions, the 5% rediscount rate was actually an exception to them. That...
Meanwhile, the Stock Market, though nervous and uncertain, ran up loans to brokers another $140,000,000, to a total of $5,647,000,000, not so far below the six billion total that prompted the Federal Reserve Board's February warning. The increase in loans was mostly from corporations, not from banks, and as long as corporations can lend out their surpluses at up to 12% call money rates, the banks generally maintain that there is no way of keeping money out of Wall St. Mr. Warburg's statement did not much annoy the speculators, who were inclined...
...that Andrew Mellon, Secretary of the Treasury, has been opposed to any rise in the rediscount rate, that his influence has kept the Board from taking drastic measures. Neither personal nor political reasons are lacking to make such an attitude logical for Mr. Mellon. Not only is the Bull Market an evidence of Republican Prosperity, but rising rediscount rates would make more difficult the flotation of Treasury Loans. Whether or not the Reserve Board is, as Mr. Warburg says, "bewildered by political influence," it is certain that many a speculator considers that in Mr. Mellon he has a friend...
...with the comfortable feeling that 20 superfluous pounds have been deftly hidden in the subtle folds of the Bryant draperies. And, though the business was begun largely with the idea of catering to the naturally stout woman (TIME, June 4), the unmodish evidences of approaching motherhood supplied additional market with which the Bryant stores are now most prominently associated. They have, indeed, made a further extension and now do a brisk trade in layettes...