Word: firming
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Dates: during 1930-1939
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Failure of Richard Whitney's brokerage house on Tuesday upset the New York Stock Exchange immediately, although but slightly, and filled the nation with probably unnecessary fears as to the financial condition of Wall Street. Yet the bankruptcy of such a prominent firm, the business of which was mostly concerned with banks and other respectable institutions, has significance. To the conservatives it must mean the crashing of the old and established foundations, the giving way to the new order. For the S.E.C. it is a bolster to their insistence upon strict regulation of national securities and exchange members...
...Harvard graduate, Richard Whitney has had a spectacular career in Broad Street, which makes his failure more important than the loss of the two or three millions by his firm. As vice-president in charge of the New York Exchange in October, 1929, when securities were plunging down at the rate of ten points a day, Mr. Whitney temporarily halted the crash. Representing the hastily-formed pool of Morgan and other bankers to save the market, he bid high on 25,000 shares of Steel and saved the day, thus creating the "Black Thursday" legend. Later, as President...
...preferred against him involve his connection with a liquor concern, in which he held 12,000 shares. Obviously, it is unfair to judge his business or himself until he has had a chance to speak at the March 17 hearing. But what happens to Mr. Whitney and his firm will not be remembered so much as what their failure proves. First to be noticed is the relative steadiness of the market, since under the S.E.C. short selling in a declining market is impossible. Formerly, bankruptcy of such a large house would have caused a speculative wave of selling. Second...
...time amid the great mogul's cotton and corn fields. Milk is an important ingredient in nonviolent, teetotal Saint Gandhi's politics, and 500 head of cattle were soon creating difficulties among the bamboo stalks, for it is almost impossible for a sincerely pious Hindu to be firm with the cow, a sacred animal. Finally bamboo cages were built in which the cows were gently confined. Meanwhile whips were cracking over bullocks as these nonsacred males helped drag bamboo and build Congress City...
Iron Fireman Manufacturing Co. of Portland, Ore. makes more automatic coal stokers than any other firm. In the last few years it has grown so big that it no longer has one annual dealers' convention. It has five-one after another, two days apiece, in Cleveland, Manhattan, Atlanta, Chicago, St. Paul. Last week, as the "traveling convention" got under way in Cleveland, 400 dealers were astonished to hear that Iron Fireman, which made $711,000 in 1937 from an uncompromising warfare on oil burners, was going into the oil burner business itself...