Word: fulbrights
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...wired the Committee chairman, Senator William J. Fulbright (D-Ark.) immediately after the program, NBC's "American Forum," stating that he would appear to testify further. He had already asked the Committee for an opportunity to expand his remarks on the stock market...
...Rather Risky." For many a market break, Wall Streeters are hard put to find an explanation. But for last week's, the reason could be found right in the Washington hearing room where Senator J. (for James) William Fulbright was holding his "friendly study" of the stock market. As the days wore on, the tone of the questioning made it clear that the affair was becoming less friendly every minute, with no noticeable increase in studiousness. Senator Fulbright was questioning not only the doings on the stock exchanges, but was using his hearings to investigate business in general...
...Fulbright opened the week's activities, the market declined only a little. It tumbled next day at the testimony of Harvard Professor John Kenneth Galbraith, 46, a onetime underling of Leon Henderson in World War II's Office of Price Administration. Galbraith, who says he has never bought stocks speculatively, was introduced as the author of a forthcoming book on the 1929 crash. Not surprisingly, he seemed to have the crash on his mind as he testified. In the present market, said Galbraith, there were resemblances to 1929 that were "possibly disturbing." Prices had risen at an "unhealthy...
Would Galbraith agree, asked Fulbright, that encouraging people to come into the market now, as the New York Stock Exchange has been doing, is "rather risky"? Galbraith agreed. In fact, said he, stock margins should be raised from the current 60% to 100%, to discourage new investors. After Galbraith finished, the New York Journal-American's Financial Columnist Leslie Gould suggested a headline to describe the effects of his testimony: EGGHEAD SCRAMBLES MARKET...
Indiana's Republican Senator Homer Capehart decided to get in a few political licks: Did Funston agree? Funston neatly dodged the question. Said he: "I would agree it shows confidence in the future, but what the exact reason is, I don't know." Fulbright wanted to know if the exchange's campaign to get more investors in the market was not "inflationary" in that it contributed to the shortage of stocks. The object, said Funston, was not to persuade people to buy but "to create a climate where our members can sell stocks." To the "two miracles...