Word: news
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Dates: during 1930-1939
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Month ago, financial writer and Lecturer L. Merle Hostetler decided that business men's "confidential" news letters were too gloomy, began experimenting with a letter of his own "openly and avowedly a resume of only the favorable features in the outlook for trade, industry and finance." Result was Hostetler's Good News Letter. With a suddenly bullish stockmarket. Good News had plenty of good news for this week...
...Names make news." Last week these names made this news...
This meant cuts of from $2.50 to $8.50 a ton, brought prices back to the pre-1928 days. As striking as this news was another aspect of the reduction: prices at Big Steel's Birmingham and Chicago plants were for the first time lowered to the Pittsburgh level. Announced reason for the change: "Increased production facilities and greater diversification of products" in these two steel centres. To the steel trade, however, it meant that Big Steel, sniped at by non-union independents since it made a wage contract with C.I.O. and pinched by their price concessions had finally abandoned...
Some laid it to talk of dollar devaluation. Others thought it was foreign buying inspired by better news from Spain. Still others credited it to the beginning of new pump-priming. A few thought shorts were spurred to hasty covering by the Stock Exchange decision to publish precise figures of short interest in each stock. Inventors of explanations had full scope for their talents. For last week something hit the Stock Exchange with an elevating power like that of a volcano erupting beneath it. In the entire previous week only 1,700,000 shares had been traded, smallest full week...
...local holes-which go by such picturesque names as Soda Water, Cherry, Heaven, Hell-and a sober student. From school he went to work as an office boy for American Tobacco Co. at $3 a week, began a standard up-through-the-ranks career-factory manager in Newport News, clerk in Manhattan, a two year stint in Bulgaria buying Turkish leaf tobacco. Thence he returned to Manhattan to work again for American Tobacco, later for Tobacco Products Corp., one of whose possessions was Melachrino. There he met Rube and Mac. In 1920 with his bride, a Boston girl named Rachel...