Word: investors
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Dates: during 1940-1949
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Instead of trying to raise money each month, the Treasury will from here on out have bigger concentrated campaigns at two-month intervals. Securities sold in the $9 billion issue will be tailored to every type of investor. Commercial banks, investment houses and dealers will be organized into selling teams, and commercial banks have been warned that the amount of securities they will have to absorb depends directly on the success of the public campaign...
...Plain Dealer was sold to Liberty Emery Holden, an ex-schoolteacher who had cleaned up in Cleveland real estate and Utah silver-lead mines. A versifying New Englander, Holden first tried his hand at editing the Plain Dealer himself. A shrewd investor, when he discovered his shortcomings as editor he looked around for a genius to run the paper...
...Many an investor who had paid hard cash for securities would have his return on his actual investment cut far below 6% -perhaps to a fraction of 1%-for securities are bought at prices based on their earnings; but the amount of profits a company would be allowed to keep would depend on the number of dollars previous investors had once put into the business...
...outcome of the bidding settled three bitter arguments: 1) competitive bidding is not, as its proponents had claimed, in itself the way to give the little investor a share in prime new security issues; 2) Halsey, Stuart answered its own contention that competition means higher prices to the issuing company by offering the lowest bid of the lot; 3) private placement won the competitive bidding argument without even engaging...
Baruch was a speculator and a creative investor who amassed enormous wealth outside of industry, who went to help his Government in time of need, and has made a later career as an adviser to five Presidents, an economic Nestor, a sage of war planning. Henderson was a research-foundation economist who has refused repeated offers to turn an honest business dollar, who has always felt his Government needed him, and has proved it. Both have a startling ability to deduce facts from figures, the event from the process. Each likes and respects the other...