Word: market
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Dates: during 1930-1939
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Kick. In early 1937, security prices reached 194 on the Dow-Jones industrial averages, climax of a two-year bull market, then collapsed with a world-wide break in commodity prices. By July, prices once more had begun a slow rise, although volume of trading was unbelievably thin. It was actually the beginning of Depression II, but almost to a man the brokerage community believed what Charles Gay put into his Exchange report-that too strict regulation by SEC was to blame. Wrote President Gay in his usual mild way: "I am fearful that, in an effort to cure what...
This made things all the tougher for Chairman Landis' successor, terse, left-wing William O. Douglas. Damned as a radical and faced with the continuing slide of the market, Bill Douglas took over in September, soon let it be known that so far as he was concerned regulation had only begun. After three years on the SEC in lesser jobs, Chairman Douglas was all too familiar with the Exchange's standard method of passing the buck. Under the influence of Richard Whitney, no longer president but still boss of the board of governors' Old Guard majority...
...management completed the reorganization, it became apparent that no better symbol of the new day in Wall Street could be found than 31-year-old Bill Martin. Six weeks ago he got the job at $48,000 a year. As if in benediction of the choice, the market simultaneously vaulted from its rut, has since soared steadily...
...Edwards & Sons as a statistician, in 1931 was sent to Manhattan as its Exchange member. Immediately intrigued by the machinery of the Exchange, he often stood, mouth agape, watching speculation flow around him on the floor. Soon he was an expert at all phases of the market, could quote the capitalizations of 49 out of 50 firms chosen at random. In 1935 he became a governor, unobtrusively joined the Shields group...
...houses; 2) a trial segregation of broker-dealer functions; 3) assumption by the Exchange of full policing duties so that SEC will not have to patrol Wall Street; 4) plans for increasing the volume of bond trading on the floor; 5) possible rearrangement of commissions. So long as the market continues to climb, these or any other reforms should not be difficult. If the market crashes, Martin expects to be the goat...