Word: marketeers
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Dates: during 1930-1939
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...gain in last fortnight's triple tumble, the stockmarket last week had a rebound. Since business news was neither good nor bad, the advance was ascribed to "technical reasons"-Wall Street's way of saying that everything which goes down must come up. But the market did not go up far, did not stay up long. Trading on the New York Stock Exchange, after soaring above 2,000,000 shares thrice in a month, fell back into its recent rut. By the peak of the rally, the Dow-Jones industrial averages had climbed only from...
Then President Roosevelt delivered his Constitution Day (see p. 9) speech demonstrating that Court Reform, with him at least, was by no means a dead issue. Down went the market again, obliterating its rally, plowing into new low ground for the year. Despite its market effect the President's speech did not alter the obvious political fact that the Administration has no more intention of letting a runaway bear market develop now than it had to see a bull market get out of hand last spring. At that time the Federal Reserve Board was bearing down on credit. Fortnight...
...creating not confidence but more confusion, Wall Street came to the inevitable conclusion that it was all the fault of the New Deal. Last month Stock Exchange President Charles R. Gay took the unprecedented step of warning the Securities & Exchange Commission that the thinness of trading, resulting directly from, market regulation, would in time produce "abnormal market conditions" (TIME, Aug. 30). Last week President Gay's gloom seemed justified indeed...
During periods of pronounced market weakness like that of last week, the restriction that affects the market most is regulation of operations of insiders in stocks of their own companies. Officials and big shareholders used to step into the market when their stocks looked cheap, thus providing an important stabilizing influence. Today with the threat of law suits always present, the average insider would rather speculate in any stock than the one he knows best. Purpose of restriction on inside trading, like that of all the New Deal's securities regulations, was to make the market safe...
...Toronto Exchange fell sharply with the New York market. Next day Gladstone Murray, chairman of Canadian Broadcasting Corp., announced that stockmarket commentators would henceforth be banned from the air. Reason: "We've had too many complaints from people who've taken advice from some of these commentaries...