Word: bearishness
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Later in the week a bearish development came in the sudden renewal of the Standard of New York-Shell conflict in the Far East. First intimation of this was a report that Shell, which recently cut kerosene in the Far East by 40%, had slashed gasoline from 27½ to 19? in the East Indies. A probable cause: Standard has signed a $25,000,000 contract for Soviet refined products. It was this buying of what Shell calls "stolen oil" that precipitated the conflict between the companies three years ago. Complicating the affair this time is Shell's recent...
...bullish item last week was an extra dividend by National Lead Co., together with profits of $10,000,000 against $6,000,000 in 1928. But in the statement of Lead's president, Edward Joel Cornish, were bearish notes. Sales of babbitt metal, of which this company is the largest manufacturer, dropped 35% in December and 45% in January, compared to a year ago. Since babbitt metal's chief use is in factory wheels, it is evident that the wheels have slowed...
Prophecy is no new business for Professor Fisher, whose last previous prophetic utterance, however, proved false. Last fall Professor Fisher was prominent among the bull economists who saw no evil in the bull market. He scoffed at bearish forebodings, and even after the bull market had broken he compared its collapse to the failure of a fundamentally sound bank, wrecked only by a psychological "run" of frightened depositors. Professor Fisher's imperfections as clairvoyant were quickly recalled by a rival prophet, Roger Ward Babson of Babson Park, Mass., who said: "It should be recognized that he [Fisher] has changed...
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...