Word: marketers
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Dates: during 1920-1929
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...Bull Market of 1924-29 was sired by the Golden Industrial Age of the corresponding period. It was easy, after the Market had broken, to denounce speculators as fools and speculation as vicious. Yet a few die-hards (such as Yale's Irving Fisher) maintained, even after the Crash, that quotations had never become so weirdly out of touch with reality as prophets-after-the-event were quick to label them. Given a profound conviction that the future of U. S. industry was boundless, that there was no limit to the potential value of U. S. securities, where could...
October 23. Why then, did a Market which had broken on Oct. 23 demonstrate with a continued crash on Oct. 24 that the end of the Great Bull Market had really arrived? Professor Fisher may stand a discredited prophet, yet apt appeared his analogy between the break on the market and a run on a bank. The Bank was U. S. Industry. Assets of the bank were the real assets of U. S. Industry. Stocks were the paper money which the bank had issued. Now all banks, even the Federal Reserve System, issue more money in paper than they have...
Causes of this undermining were: 1) Warnings from the Federal Reserve Board and other prophets of disaster?warnings which, scoffed at when given, nevertheless filled the Market with a conviction of sin. 2) A period of almost two months (since the Babson Break early in September) in which it had taken strychnine-injections to push quotations ahead. The September slump (currently almost ignored in favor of the peculiar theory that the Market crashed without warning) was of tremendous importance in its indication that a Market which could survive only by constant rises had reached the limits of its climb...
...promptly called in its loan at the first sign of trouble. Five directors of one corporation threatened to resign last week if their company should call its loan. These directors took the honorable position that having once loaned its money to the stockmarket, the corporation should stand by the market so long as its loan was adequately protected by collateral...
Results. As to "results" of the break, the most important question could not be answered, i. e.: to what extent would the Bear psychology of the market spread to business generally? Through last week, optimism was certainly more pronounced than pessimism. Stock brokers were far more pessimistic than businessmen. Being, especially in the lower ranks, a provincially Manhattan lot, they seemed to think the Stockmarket would be disgraced if Business did not humbly follow its lead. Outside of lower Manhattan, Detroit was the gloomiest spot, the depths being reached by the jocular motor executive who seemed to feel that never...