Word: marketing
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Dates: during 1920-1929
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...decline, although instead of his break of "60-80 points," the industrial average dropped 183 (according to Prof. Irving Fisher's index of 50 most active industrials). Quickly capitalized was Seer Babson's accuracy, as were Wag Cantor's losses. Newsstands displayed for $3 a pamphlet giving Babsonic market recommendations. A long silent sage, John Moody, late last week predicted the break was over, that 1930 would provide a slow rising market with small volume, easy money. A broken sage was Charles Amos Dice, famed market student, who early in October published New Levels in the Stock Market, showing prices...
Heroes. Julius Rosenwald, board chairman of Sears, Roebuck, early in the decline offered to cover the margin accounts of all his employes, became the prime hero. Later Standard Oil of New York became hero-ized with its announcement that it would lend $43 a share ($11 above the market at one point) to employes who had borrowed on their holdings. Other helping companies were Standard Oil of New Jersey, Humble Oil, Gulf Oil, U. S. Steel, Newton Steel. Late last week, when Washington's official silence was broken with promise of the tax reduction, then of an industrial conference, Hoover...
...momentary hero during the break was John Davison Rockefeller, who said he and his son had been buying stocks. When prices continued to go down so did Rockefeller's glory. But when last week Standard Oil of New Jersey was selling at 50¾, the market was electrified by an order to buy 1,000,000 shares at $50 and Rockefeller became a permanent hero...
Wags. Wall Street has long had its own private store of wisecracks, but not until this year did stockmarket gags glut the revues and become current at U. S. dinner tables. Upon a tense, avid public, the market break released a flood of cracks, good & bad, new & old, clean & smutty. Foreign visitors, expecting a glum, panic-stricken people, were amazed to find a new joke for each new catastrophe. Among cracks more or less good, new, clean...
Actor Eddie (Whoopee) Cantor confessed that when he had heard of Mr. Rosenwald's offer to protect his employes' accounts, he had wired for a job as office boy. The confession was in Caught Short, humorous story of his market troubles...