Word: stockmarketeer
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Dates: during 1930-1939
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...usual, Secretary Mellon also reported on the economic welfare of the nation. This was his version of the great 1929 stockmarket crash: "During the last half of 1929 very marked changes occurred in the business and credit situation. Industrial production, which had reached record high levels at the middle of the year, commenced to decline in July. . . . Security prices commenced to decline in September. At the same time the volume of loans to brokers continued to increase with exceptional rapidity, a fact which . . . was evidence of a movement of securities . . , from stronger to weaker hands. . . . The security market was further...
...which began July 1, has seen a great change in the financial situation. A surplus of $122,788,966 had been predicted, but its computation did not take into account the effect of the temporary 1% income tax reduction. The President's only mention of the stockmarket crash was backhanded: "Due to the depression it is now estimated that the income of the Government in taxes and postal receipts . . . will probably fall below the anticipation." Besides, "the measures taken to increase employment . . . represent a very material increase in Government expenditures of over $225,000,000. . . . These sums . . . reduce...
Ever since the first stockmarket crash there have been stories of a "trouble-spot'' in Manhattan banking. When remedies from within fail, a sure ointment for financial and industrial troubles is a merger. Long has it been hoped that this treatment would be used to assuage the Manhattan sorespot. Recently just such a merger was rumored. Remarkable feature was that it involved the unique plan of consolidating four banks (TIME, Nov. 10 ). They were: Manufacturers Trust, with resources of $463,000,000, greatly expanded during recent years; Public National Bank, with resources of $246,000,000, a bank...
Chairman Shouse was given credit for this shrewd economic plea as an opening gun of the 1932 presidential campaign. Only thing that worried the Democrats in the aftermath of their victory was the way the stockmarket sagged lower and lower...
...richly was Joshua S. Cosden, head of Cosden & Co. He had vast estates in Palm Beach and Long Island, entertained lavishly, followed horses as well as stocks. His wealth was estimated at $50,000,000. Surely his expenditures lent veracity to this figure. But after heavy losses in the stockmarket he lost control of Cosden & Co. which became Mid-Continent Petroleum Corp., was reported financially down & out. Three years later his friends financed a projected comeback. He moved from Manhattan to Fort Worth, energetically entered the oil industry through the new Cosden Oil Co. in which he had been given...