Word: stockmarketeer
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Dates: during 1930-1939
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Philadelphia & Reading Coal & Iron Corp., known to stockmarket traders as PRC, is a holding company formed in 1923, marking the complete segregation of Reading Railroad's coal properties. For the first few years after 1923, it is safe to say that PRC's bankers, Drexel & Co., were not especially proud of these properties. Production fell off, profits came hard, sometimes did not come at all. In the opinion of coalmen, statisticians and investors, PRC was definitely on the downgrade. Now Drexel-Partner Newhall is very apt to feel proud when he points to PRC maps. A noble experiment...
...stockholders of Montgomery Ward & Co. who were expecting, counting on their 75? common dividend due for declaration last week were rudely disappointed. The directors met and voted to keep that $3,465,576 in the bank. This notable dividend failure did not surprise many stockmarket traders, but revelation of the company's losses so far this year did, and the stock sank to a low of $19⅝, making its deflation as drastic as that of Simmons Co. In the past, Montgomery Ward have issued only yearly statements. Last week they disclosed the results of each quarter as follows...
Even when the slightest bit of improvement is proclaimed, the market always seems to respond with lower quotations." While Democratic Executive Chairman Jouett Shouse was loudly jeering Chairman Fess's latest "discovery," less partisan Wall Street traders explained that one good reason why the stockmarket did not respond to Republican statements of business improvements was because the Administration's predictions, from President Hoover's down to Secretary of Labor Davis', for a turn in the economic tide, had all failed to come true...
...seeking reasons for the story's end, a remark by Assistant Attorney-General Washburn was significant: "Until after the stockmarket crash, Metal & Mining Shares seems to have been a well managed investment trust...
February 7. Chairman John E. Aldred of Gillette: ". . . Rumors have been circulated, mainly in stockmarket circles, in regard to the Gillette Co. . . . Based upon the advice of our attorneys we are pleased to assure you that the patent situation ... is being developed in a usual and orderly manner and that we anticipate no delay or difficulty." By then, Gillette was $97½, AutoStrop...