Word: bearishness
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Dates: during 1920-1929
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Great is the esteem expressed when musicians present one another with wreaths. By this token a big, bearish Russian might have felt doubly honored last week in Manhattan. He received not only a floral wreath, but a lyre made of red and white carnations and inscribed "in the name of American musicians to this Orpheus of Russia." The famed, hulking Orpheus was Alexandre Constantinovitch Glazounov, now making his first visit to the U. S. and appearing last week as conductor of his own works...
...bearish factor was a speech by Philip Snowden, British Chancellor of the Exchequer, which attributed the rise in the Bank of England's rediscount rate to the U. S. "Orgy of speculation." Bulls asked, "How much have British capitalists contributed to the 'orgy'? Did not the Hatry collapse indicate a similar orgy...
...Mexico. Then, too, India, once a great Chinese silver buyer, has been selling instead of buying. France and Belgium in the last two years have sold 40,000,000 ounces of silver. Inevitably the Chinese market was flooded, the price of silver fell. Inevitable too was the bearish selling of Chinese speculators last week. But silver-men opined last week that in spite of its new low, silver faced no crisis. Optimists even prophesied that Chinese silver would again chink to better prices...
Strong is Southern Pacific's position and large its earnings, yet in its position is one bearish item. Like other western roads, the Southern Pacific has watched with growing concern the increase of traffic through the Panama Canal. When transcontinental railroads were first built the driving of a golden spike was the final ceremonial of their completion. But the real gold spike was Cape Horn. Freighters could not compete with freight trains as long as freighters had to wallow around the Horn. But the opening of the Panama Canal furnished a short water route from U. S. coast-to-coast...
...spite of its new ranking as a three billion dollar corporation, however, A. T. & T. took particular care to discourage this bull statistic with a relatively bearish announcement. Knowing that pool operators were eyeing A.T.& T. as a prospective bull favorite, and that rumors of an approaching stock split up had already been started, A. T. & T. officials emphatically denied that any such split up was under consideration. Also, with momentous significance, these officials called attention to President Walter S. Gifford's 1928 report. In this report, President Gifford said: "The American Telephone & Telegraph Co. accepts its responsibility...