Word: marketing
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Dates: during 1950-1959
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...longer admired. The new students study hard-but they are more interested in the race for grades than the pursuit of learning. "They are more willing than they used to be to work hard to make the grades that will give them an advantage on the job market. Some of them are even prepared to cheat, if necessary, to make these grades. They want to enter upon a professional or business career, and they want to find security therein...
...even the inflated art market or the evening's glamour prepared the assembled company for the price fetched by Cézanne's Boy in Red Vest. After the last significant lift of an eyebrow and meaningful tug at a vest. Carstairs Gallery's Keller had outbid all others by offering a fabulous $616,000. It was the highest price ever paid at auction for any painting (previous auction high: $360,000 paid for Thomas Gainsborough's Harvest Wagon in Manhattan...
...figure out what it all meant. Overall, Goldschmidt's seven oils had set an alltime record of $2,186,800, easily surpassing last year's Lurcy sale in Manhattan, when 65 paintings racked up $1,708,500 (TIME, Nov. 18). But it had also distorted the art market beyond both sense and sensibility, made old masters seem bargains. Rubens' Meeting of Abraham and Melchizedek, just acquired by the National Gallery, was bought last year in London for a mere $92,400; El Greco's Christ Healing the Blind brought only...
Wall Street last week made some history and some hysteria. On the opening day of trading on the New York Stock Exchange, industrials continued their rise to record highs, and utilities touched their highest since Sept. 23, 1930; three times the tape fell behind. Next day the market turned right around and headed down, falling 4.23 points on the Dow-Jones industrial average. Not since President Eisenhower's heart attack in September 1955 had the market seen such heavy trading. As 5,110,000 shares changed hands, the tape fell behind seven times, once as much as 15 minutes...
Shortly after the market closed, the Federal Reserve Board raised margin requirements from 70% to 90% (buyers must put up 90% cash on their stock purchases), the highest requirement in eleven years. The Fed said it was alarmed by the rise in public borrowing to buy securities (which reached a record $4.3 billion in September), wanted to protect the public from getting in too deep. Actually, the public, i.e., small investors, has been getting out of the market since June...