Word: marketing
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Dates: during 1940-1949
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...fear of wild speculation, was "not so sure this is anything more than a flurry." The diehards who were clinging to their bearish positions hoped he was right. Broker John H. Lewis, who had been one of the first to see the 1946 bear trend, was still seeing the market in a cold grey light. But he confessed that he was lonely. "Until a few weeks ago I had a lot of company," he said. "Now, I'm about the only one left. The others have all jumped on the bull wagon...
Confidence in the Future. What the bull wagon needed, if it was going to get rolling, was a public push. The "little fellow," who traditionally gets in the market just in time to get cleaned out, was not taking any big chances yet. Said Francis Adams Truslow, president of the New York Curb Exchange: "Investors have been hesitating for the past several years. They are just beginning to exhibit their confidence in the future...
...barometer, the stock market has proved none too accurate, notably in the last two years. Back in 1937, the market fall was far worse than the drop in production; since 1942, the market has been much lower-in comparison with the gross national product-than it was even in the dark days of 1932 (see chart). The Dow-Jones industrials, now earning even more ($20 a share) than they did in 1929, are selling for only half as much...
Such tasty bait as this, Wall Streeters hoped, would sooner or later lure in the public. They had some pious arguments in favor of it: a big bull market, for one thing, would not only fatten brokers' commissions, but would permit industry to raise some of the capital, through stock issues, that it badly needs for expansion. One simple recipe, favored by both Schram and Truslow to attract more investors: cut margins...
...Compact. The New York Exchange was built on speculation; in early days it often seemed jerrybuilt. Wall Street (socalled because of the log wall that peg-legged Peter Stuyvesant had built) was a natural site for trading: near the docks at its foot, there had long been a slave market. There, in 1790, when the first U.S. Congress voted "public stock" to redeem the Continental scrip which had financed the Revolution, a lively trade in the U.S. "stock" sprang...