Word: market
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Dates: during 1970-1979
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Without hearing a word of what is being said or shouted, any experienced trader on the floor of the New York Stock Exchange can listen to the hum of voices around him and tell what is happening. An up market has a different pitch from a down market. But old Wall Street hands vividly remember an exception to that rule. One day 50 years ago next week, recalls David Granger, 76, a senior partner at Granger & Co., a Wall Street brokerage house, "there was a hush over the floor that I've never heard since. It was funereal." Indeed...
That is, one could buy $10,000 worth of stock with just $1,000. Many thousands did, lured into the market by boosters like John J. Raskob, the stenographer turned entrepreneur who built the Empire State Building. "Everyone ought to be rich," he wrote in an exuberant Ladies' Home Journal article; anyone who could invest $15 a month, he declared, could eventually reap a profit of $80,000. A Harvard behavioral psychologist named John Watson even found therapeutic value in speculation. "Sex has become so free and abundant," he theorized, "that it no longer provides the thrill it once...
Such concerns began to seem more immediate during the summer of '29, as the economy began to falter. After the market reached its high on Sept. 3, there was a gentle decline, with ups as well as downs, for several weeks. "We tend to blame the market," says Kidder Peabody Chairman Albert Gordon, 78, who then worked in corporate finance for Goldman, Sachs. "But the market was just a symptom. We were in a bad economic situation whether or not the stock market crashed...
Cornfeld's fortunes tumbled with the end of the bull market on Wall Street in the late 1960s. I.O.S. shares, which had been going for as much as $25 in mid-1969, were selling for 400 by late...
...time and time again expressed her desire for the resolution of the Palestinian problem. To that end they have been and still are meeting with Palestinians to discuss various solutions. They cannot however negotiate with the terrorist PLO, whose bargaining strategy continues to be murdering women and children in market places and schools.Jeremy Benstein Amy Wolfson '82 Harvard-Radcliffe Zionists Alliance