Word: baruchism
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Before Senator J. William Fulbright's stock-market investigation committee last week appeared Bernard Mannes Baruch, a speculator who has made millions. Before he was 30, Bernie Baruch owned a seat on the Exchange, had made (and lost) more than $1,000,000. Forty years ago, when he was netting upwards of $2,000,000 yearly on Wall Street, Baruch used to say: "I am a speculator and make no apologies...
...imposing (6 ft. 3½ in.) frame still erect at 84, Speculator Baruch sat down to testify as the last committee witness. It was plain, as he delivered a clear and witty explanation of how the market functions, that he should have been the first witness. "At the outset." said he, "let me emphasize that no one knows whether stocks are too high today." because the market's rise or fall depends on such unpredictables as economic conditions, politics, international affairs, emotions-even the weather. "Largely because of the crash of 1929, the impression has built up that...
...finished his lecture the Senators opened up with a barrage of questions. Should Congress pass new laws in an attempt to give investors more protection? Replied Baruch: "You cannot control a man's opinion. Every day in the press. Senator, you see some talk about who is going to win the pennant, or win the fight, and what horse is going to win a race ..." What about Walter Winchell, who frequently hands out tips on his radio-TV broadcasts? "I think he has got as much right as anybody else...
Terms for All. Asked what he thought about raising margin requirements above the present 60%, Baruch retorted: "How can you really, in good conscience, say to a man he cannot buy stocks except on 100% when they can buy anything they like with nothing down? It just does not make sense." Fulbright tried to trap Baruch into endorsing the earlier testimony of Harvard Economist John K. Galbraith, who thought he saw some parallels between the current market boom and the period just before the 1929 crash. Baruch smoothly said he knew nothing of Galbraith "to his detriment," then added...
...election. They are Paul L. Scher of Dunster, Bill Shane of Adams, and Allen William of Kirkland. Other sophomore candidates are: Ed Abramson of Lowell, Jerry D. Goldberg of Lowell, Herbest Gross of Eliot, John Jaspers of Adams, Richard Pfaff of Eliot, John B. Res of Dunster, and Baruch Schmidt of Adams...