Word: stockmarketeer
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Dates: during 1930-1939
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...Hetty Green, once the world's richest woman-the penny-pinching "Witch of Wall Street" who used to shuttle between Brooklyn and Hoboken to avoid establishing residence and paying taxes while she was making millions in the stockmarket. Hetty conducted her affairs from any desk she chose in Manhattan's old Chemical National Bank, often ate a lunch of sliced Spanish onions while sitting on the bank's floor at noon. When she died in 1916 at 81 she had increased tenfold, to $67,000,000, the fortune founded by her New England whaling and ship-owning...
...world-wide break in commodities which left copper 1½? below its 17? -per-lb. high, lead off 1¼? (high: 7¾? per lb.), rubber off nearly 3#162; (high: 27#162; per lb.), wheat off 6#162; (high: $1.45). Most other staples tumbled proportionately, while the stockmarket took the deepest dive in nearly three years. At week's end such speculative stalwarts as U. S. Steel, Johns-Manville, Air Reduction, Anaconda Copper, International Nickel, International Harvester, were selling from 10 to 28 points below their 1937 highs...
...small part in the stockmarket break was played by the week's premier rumor -that the Treasury was about to cut the price of gold, now $35 per oz. One of the oddities of the New Deal's monetary legislation is that only the President has power to change the official gold content of the Roosevelt dollar, and then within fixed limits (50% to 60% of the Hoover dollar). Its present value is about 59#162; , so that its theoretical value could be revised in only one direction-down, which would indicate higher gold prices, not lower...
...speculators this preachment against spiraling prices was a shock that gave the stockmarket a fit of the jitters. But the President's statement that there has been an undue rise of metal prices and more rapid recovery in heavy industry than in other industry, was questioned by economists (see p. 77). Regardless of its accuracy, however, the President's dissertation marked a milestone in New Deal policy: pump-priming is at an end. So far as Franklin Roosevelt is concerned, the business of getting out of the last Depression is now subordinate to the business of avoiding...
...cracking prices of Government bonds, which despite more determined Treasury support dropped to new lows for the year. In the last three weeks the market value of all Government securities had shrunk more than $1,274,000,000. Already jittery from a continual rattle of strike news, the stockmarket continued to follow suit, steady selling erasing more than one-half the ground gained since the turn of the year...