Word: idea
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Dates: during 1930-1939
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...century. Wall Street was run by men in muttonchop whiskers, high square derbies, baggy trousers; they thought of stock prices as unrelated quotations on individual issues, often the result of manipulation. Charles H. Dow, a small, precise man, first editor of The Wall Street Journal, had a different idea; he had been keeping averages of railroad and industrial stock prices since 1897, had found beneath individual fluctuations a trend of the market as a whole...
Charles Dow died in 1902 without having made much impression on cynical Wall Street. A subsequent editor of the Journal, florid William Peter Hamilton, embroidered the idea, told men in pegtop trousers and telescope hats that the averages forecast both business and market trends. In 1922 he published The Stock Market Barometer, first comprehensive book on the Dow Theory. William Hamilton died in 1929-a few weeks after he announced that the greatest bull market in history had ended: "On the late Charles H. Dow's well-known method of reading the stock market movement from the Dow-Jones...
Third and most influential champion of the idea is Robert Rhea (pronounced Ray), a Colorado Springs invalid, author of The Dow Theory, textbook published in 1932 at the bottom of Depression I. Printed at his own expense. 91,000 copies have been sold. Robert Rhea first went to Colorado Springs in 1910 with tuberculosis, in three years was pronounced cured. But in the air service during the War he had a minor crackup, got influenza and pneumonia, was discharged as permanently and totally disabled. Seeking relief from pain in utter exhaustion, he worked in bed at market studies begun earlier...
...index. Last week, in New York Supreme Court, Justice William H. Black said he would appoint a referee to decide whether certain members of the council were liable for this loss, ordered a referendum of the society to see if it thought the index was a good idea, seized the opportunity to abuse Mr. Schwab and these associates: "Inconceivable ignorance . . . flagrant instance of inattention . . . heedlessness of duty. . . ." Reason for Justice Black's fury was their inability to remember what happened. "Rip Van Winkling," said Justice Black, shaking his head, "is no defense...
...while earning it was worth it." The only thing that bothered him, when he read back over his diary, was that there was so much writing about troubles and squabbles in it. "I started out," he reflected, "with the idea that I would not mention any troubles at all, but that is about all the news there...