Word: stockings
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Dates: during 1980-1989
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While the brokerages tried to talk up investor confidence, the extent of the damage they had sustained was not known. The financial impact of Black Monday was delayed by a New York Stock Exchange rule that allows five working days to pass before traded securities must be paid for. But the 15 biggest U.S. firms clearly had taken huge losses -- by one estimate, anywhere from $50 million to $250 million each -- as they were caught with immense inventories of stocks that they could not sell. For those behemoths, with more than $20 billion in total capital, the bloodletting was serious...
...hardest hit of all last week were Wall Street's specialist firms, the traders who are charged with maintaining orderly markets. That task requires them to purchase stocks when there are no other buyers and to make sales when other sellers disappear. Until last week, a total of 52 specialist firms worked on the floor of the New York Stock Exchange; each handled the shares of 20 to 30 specified Big Board companies. On Black Monday, the specialists grimly fulfilled their responsibilities, buying millions of shares as prices plunged all around them. Their losses could amount to as much...
Securities firms outside Wall Street also felt mortal pain. In Grand Rapids, H.B. Shaine & Co., a regional brokerage with 107 employees, wound up in a merger after Monday's debacle pushed it into bankruptcy. The 4,500 accounts of the New York Stock Exchange member were taken over by Rodman & Renshaw, a Chicago firm...
...even that. The book, by P.G. Wodehouse and Guy Bolton but revamped before the 1934 opening by Howard Lindsay and Russel Crouse (Life with Father), has been timidly updated by John Weidman and Crouse's son Timothy. It is still so stale and inane that it wheezes of summer stock. But the difference between Porter and other composers remains -- well, night...
...show overleaps these obstacles to deliver entertainment of shocking power and perverse pleasure. Where Anything Goes laughs off the financial turbulence of the early 1930s -- its plot involves a stock-market mistake that engenders a fortune -- Cabaret dwells on the ugliness brought out by that era's economic panic. Neighbors turn into enemies. A hymnlike melody subtly alters into a fascist anthem. Leering and strutting and cackling over all is Joel Grey, reprising the performance that won him a Tony and an Oscar, as the emcee luring visitors into a nightclub -- and a nation -- succumbing to political insanity. At these...