Word: bearishness
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Dates: during 1930-1939
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...years Bernard E. ("Sell 'Em Ben") Smith has been a $9-a-week brokers' clerk in Manhattan, fight promoter in Great Britain, biggest bear since Jesse Livermore, greatest bull since William Crapo Durant. The commodity in which he is always bearish is hooey. Every time President Hoover and Dr. Julius Klein said things were going to get better in 1930, the profane, pale-eyed Irishman unloaded his stocks. ("Sell 'em," said he. "They're not worth anything.") The commodity in which Ben Smith is always bullish is gold. Only U. S. director of Mclntyre Porcupine gold...
...reported one day last week to be contemplating bankruptcy. The stock tumbled from $8.75 a share to $3.50. Within a few hours the reports were denied, the stock snapped back to $7.50. The New York Stock Exchange promptly started an investigation. But there was real ammunition for bearish rail operators in the fact that Chicago, Rock Island & Pacific did slip into bankruptcy, and Atchison, Topeka & Santa Fe cut its preferred dividend from $5 to $3, first reduction since 1901. Bullish operators joked about Baltimore & Ohio's new-found source of revenue: leasing a locomotive to a Pittsburgh brewery...
...Prices. Anticipating a buying wave when the bank holiday passed, many prices moved up, giving the lie to the bearish signs of stoppages. Meat prices made the stiffest advance but yielded when housewives refused to increase purchases. Wheat prices were generally up in Winnipeg and other world markets. Cotton moved up a bit at Liverpool. These half-promises of better returns for farmers gave a hopeful indication that farm buying power might be bettered, mail order business and farm machinery business improved...
...German Government spokesman called the President-elect a "sympathetic gentleman" and a "first class man" who has "overcome his physical infirmity" but Nationalist newsorgans close to the Government were bearish...
Soviet Russia alone came forward last week to support President Hoover's proposal (Italy and certain minor nations having already done so). Cried big, bearish Soviet Foreign Minister Maxim Maximovitch Litvinov, "My government will accept no resolution terminating this Conference which does not embody the principle of one-third reduction of arms...