Word: investors
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Dates: during 1930-1939
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...both record low rates for those maturities. The Treasury's apparent edge on Standard's interest rate was accounted for by the fact that Government bonds are tax free. With income taxes what they are, the net yield on Standard's bonds to a big corporate investor is only about 2.65%. What makes Standard's bonds so desirable is that there are relatively few bonds of big super-solvent industrial corporations on the market. Big institutional investors snap them up to keep their portfolios diversified...
...Deal spending, they are now buying long-term Treasury issues as fast as they can. Government bonds have been pushed to record highs and the bankers are convinced that they will stay there, if not go higher. Some people are even talking of the day when the cautious investor will have to be satisfied with a 2% return on his money...
...were brought in to relieve Mr. Young of some of his responsibilities. When Mr. Young finally moved out, Mr. Clarke was popped into the firm's presidency. One of the ideas Mr. Young was playing with when his directors squelched him was a service for small investors. Most big investment counsel firms refuse to handle accounts of less than $100,000. Even that amount yields only $1,000 annually at the usual fee of 1%, Mr. Young's Young Management Corp. started with a big backlog of large ac counts, but it will also go after ones...
...popular soak-the-rich measure, the capital gains tax places an unreasonably heavy levy on any profits made through the sale of securities on the open market. Briefly, if an investor bought General Electric Common at twenty and attempts to sell at thirty-seven, his seventeen dollar profit is so heavily taxed that he is literally compelled to hold on to the stock. The result is fatal to market stability. At a period of bullish enthusiasm when the number of buyers is unduly stimulated, the number of those who naturally be sellers is artificially restricted...
...principle of taxation deliberately applied in order to help, rather than hinder, the natural workings of the capitalistic system; to lessen, rather than increase, the growing rigidities, would appear to be essential if that system is to survive. As compared with Soak-the-Investor taxation, and the rigidities of monopoly, price fixing, wage fixing, and output fixing of the N.R.A., the Wagner Bill, and the A.A.A., this new principle looks like something straight from the angels. It is extremely sad that Roosevelt should again have betrayed what promised to be a great idea by the stupidity with which he worked...