Word: bearishly
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Dates: during 1920-1929
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This is the season when much nonsense is uttered by business men, bankers and stockbrokers about future probabilities. There is much avoidance of admitting unpleasant facts, and much loose talk about the necessity of having "faith in the United States." Between rather obvious " bearish" propaganda on the one hand, and platitudinous optimism on the other, it is hard to keep one's vision squarely on present facts and future probabilities. That 1924 is not destined to equal last year in the extent of most corporate profits is generally agreed- although not always out loud. In many respects...
These optimistic events at once split Wall Street into two schools of thought. One declared its belief that the turn had come, and that pessimistic predictions regarding 1924 had been overdone. The other, bearish to begin with, continued in that frame of mind; it viewed with cynical suspicion the remarkable coincidence of the extra Steel dividend, Judge Gary's cheerful prophecies, Broker Livermore's equally cheerful pronouncement, the upward rush in the price of the four present leading speculative stocks...
...consequently most important, especially during declining or "bearish" markets, for customers to most carefully investigate their brokers' methods of doing business. In this respect, if the broker is a member of the New York Stock Exchange it is a great indication that his business will be honestly handled because of the severe rules of that institution regarding business conduct. Moreover, the customer cannot afford to take the letters of recommendation issued by banks regarding stock brokers too seriously, for the big bucketshops sometimes keep larger sums of money on deposit with a bank than a legitimate brokerage firm. They...