Word: market
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Dates: during 1930-1939
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...Bernarr Macfadden's New York Daily Investment News was only five months old, but wisdom issued from its presses. It advised its readers: "Get out of the market, losses or no losses." The eternal credit that it gained by that advice did not save it from the hard times which descended upon it and Wall Street's three other financial dailies.* Not until 1935 did Mr. Macfadden heed his own good advice by selling the Investment News. Last week his successor, Haydock ("Eternal Optimist") Miller, followed Macfadden's precept and example by bowing the Investment News...
Chief feature of the Investment News was a daily column of market advice run under the by-line of "Waldo Young." Its author, Editor Clarence Hebb, unwilling to leave Wall Street, announced he would continue the column as a broker's tipsheet. Meanwhile, the Wall Street Journal took over Investment News's 6,000 subscriptions, editorialized: "The business recession, rising costs and taxes upon gross -problems with which all business men are familiar-contributed to the final decision to suspend. More will be heard from this ghastly combination...
...York Stock Exchange, having broken sharply from its recent 1938 high of $149.75 (T937 high: $187). Noting this and also that Bell Telephone Co. of Canada, which last year earned only $7.72 a share was last week selling at $161, the New York Times remarked: "Investors weighing the proper market value of a particular security presumably also consider political situations as well...
...floor of the New York Stock Exchange one morning this week the gong bonged as usual at 10 a. m., opening the day's trading. Slowly the ticker tapped out the first sale-100 shares of Lehman Corp. at $25.50 per share. The market was dull. Suddenly the bell rang again, bringing trading to a sharp halt. As a man the hushed brokers turned toward the rostrum to hear an astounding announcement: the firm of Richard Whitney & Co. was unable to meet its obligations...
...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, Mr. Whitney marks a milestone in the rapidly disappearing element of "old guardism," which is seeing the eradication of its laissez-faire doctrine...