Word: stockmarketeer
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Dates: during 1930-1939
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...week for $117; of how Canadian Industrial Alcohol jumped from $2.50 to $24. These were facts. But thicker flew the rumors of how this company or that planned to enter the whiskey business, reap fat profits from the fact that Americans are proverbially a whiskey-drinking people. And the stockmarket soared to New Deal highs. Standard Brands lately announced that it might make gin as of old and its stock was given a whirl. Commercial Solvents and U. S. Industrial Alcohol are definitely entering the whiskey business.* So all the chemicals were given a whirl. Other chemical companies will probably...
Employment. And last week though the stockmarket dipped and commodities turned soft, business continued to improve -long after the normal summer decline usually sets in. In San Francisco Amadeo Peter Giannini declared the Depression '"over." upped salaries in his Bank of America, restored dividends. In Akron the tire industry, rounding out its preparations for the National Industrial Recovery Act, topped two increases in tire prices with a 10% wage increase. In Washington the Federal Reserve announced that its index of department store sales stood only 2% under a year...
...counteract the beginnings of world deflation the Federal Reserve Bank lowered its discount rate which produced stockmarket speculation without having much effect on business...
...House of Morgan headed a bankers' pool (Partner Whitney, who said he was "gun shy" of the word "pool." preferred to call it a "suspense account") to cushion the crashing stockmarket. It had resources of $250,000,000 of which it spent $137,752,705 in making a market for 37 key stocks. By 1930 the pool had turned a paper loss of $40,000,000 into a cash profit of $1,067,355. Morgan & Co. charged no commission for its services...
...popularly understood. The bankers' "friends" being let in on the ground floor of public stock flotations ("Just want you to know we were thinking of you") became the first clear ground for a public stand, and even here the ground was limited. Familiar enough with stockmarket tips, the average citizen could not, except in envy, condemn private individuals who enjoyed the friendship of the House of Morgan. But he could view with alarm the presence in public office of Morgan favorites. When Pennsylvania's Governor Pinchot found State Supreme Court Justices William I. Schaffer and John W. Kephart...