Word: pitting
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Dates: during 1930-1939
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Benjamin Block was a big operator in his own right. He it was who boosted U. S. Steel from around $108 to over $200 in 1927 and 1928. He is credited with several killings in the wheat pit. Unlike most operators he makes no secret of his positions. "When I say I'm buying, I'm buying. When I say I'm selling, I'm selling...
...speculator," wrote Arthur William Cutten in last week's Saturday Evening Post. "Speculators have been of immeasurable value to the development of civilization. ... I am not boasting when I say that I have traded more heavily than any other individual who ever stood in the wheat pit.* This is the fact. In stating it I am establishing my right to be heard along with other men, who only theorize about...
...independent trader for 26 years and has never lost as much money as he has made, was ostensibly writing an autobiographical narrative, "The Story of a Speculator." The first of three installments told of his boyhood in Guelph, Ont. his going to Chicago, his first contacts with the Pit and how he learned to "sweat blood" when prices moved against him. But woven through the story was his defense of speculation, his malediction of all regulations that impede...
...present the chief restrictions to speculation in the Pit are the taxes which make "scalping" (small, quick trading) difficult, and the rule that all transactions of over 500.000 bu. must be reported. When Farm Board operations were at their height many speculators gave up trading in the Pit because prices were no longer subject to natural movements. Bull Cutten had his first experience with regulation in 1926. He had bought tremendous amounts of wheat and felt that "events were justifying the judgment of conditions I had formed months before when I had taken my position. By every right of commerce...
...future. Jan. 1, 1933 is the date set for completion of the Five-Year Plan about which everyone knows. Generally speaking it has raised Soviet production above the pre-Plan level, which level was from 4% to 37% higher than the pre-War level and was far above the pit of stagnation in Russia's famine year. The Plan has marked a tremendous stride toward industrializing Russia and toward proletarianizing Russians, but the Plan has fallen and is falling short of many of its goals...