Word: stockmarket
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...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...
This was a bit stronger than Mr. Stettinius had bargained for. As the steel industry quaked and the stockmarket paused over rumors of a definite pledge not to cut wages, Big Steel's young chairman announced flatly: "No official of the U. S. Steel Corp. has given any assurances that wage reductions will not follow the steel price reductions announced yesterday...
This, plus a reviving stockmarket and occasional other loans from friends, tided Richard Whitney over until 1933. About that time, having taken fliers in a lot of such pip-squeak ventures as Florida fertilizer plants, Dick Whitney took the fatal flier of his life: He got into Distilled Liquors Corp. which bought a plant for making applejack. The public eagerly took the stock he offered, but did not take to the applejack. Needing funds to promote the company, Dick Whitney got large loans against his Distilled Liquors stock, which once sold as high as $45 a share. When the price...
Meanwhile, the stockmarket was falling faster than ever before. Dick Whitney got loans on his wife's securities, on those of the Yacht Club. He cadged loans as small as $15,000 from some Wall Street acquaintances, as big as $100,000 from others. He tried to peg Distilled Liquors at about $9 a share, thus eating away his cash. He had already mortgaged his 495-acre estate in Far Hills...
...Roosevelt Depression" was the headline jubilantly chosen last week by New York's tory Herald Tribune to run over one of its own stockmarket graphs (see cut), accompanied by a letter from a reader...