Word: stockmarketeer
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Dates: during 1930-1939
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...used to flash word of President James A. Garfield's assassination, giving Prince & Whitely clients an advantageous time margin in the market shock which followed. At that time the firm was three years old. Since then it has survived many a severe depression including at least six actual stockmarket panics. Last week it failed. Almost coincidentally a "New Economic Theory" seemed to sweep the emotions of volatile stock-traders. Though few Wall streeters have ever read Oswald Spengler's Der Untergang des Abendlandcs, it was easy for them to imagine a world in the grip of conditions more awful...
...Cologne last week and in the pages of Moving Forward it appeared that Mr. Ford wished first to get off his chest a deep grudge against the stockmarket. "This 'depression' we hear about," he told Cologne reporters, "is due to laziness! People wanted something for nothing. . . . They wanted to gamble on the stock exchange. They didn't want to work. The crash was a good thing; it has made them start working and thinking again. That will lead to new levels, new attainments in quality and a new era of prosperity. You watch. It is coming...
Market. Although the stockmarket closed weak on the day of the failure, it began the next day with an exuberant show of strength, heightened by short covering. It remained strong even on the following day when the insolvency of a small Curb house. Piperno & Co., was announced, and trading in Rainbow Luminous Products suspended. Although few persons expected the pace to continue, or even thought there would not soon be another recession, sentiment was considerably improved. Among opinions expressed, notable was that of George McClelland Reynolds, 65, chairman of Continental Illinois Bank & Trust Co., most potent of Chicago bankers. Said...
Although others have suggested short-selling be discouraged, perhaps banned, Mr. Levinson is the most eminent figure to take this view. He suggested a two-week moratorium on short sales so "we could then determine whether the gamblers who play the stockmarket as a game are responsible for this terrible condition...
...suffering less than other countries. He insisted the Democrats would have lost their heads in such a crisis, that conditions would have been much worse. He lavished praise upon President Hoover for the "prompt and effective" steps he took last November to minimize the effects of the stockmarket crash by holding a series of White House conferences on public works, wages, employment (TIME, Nov. 25, et seq.). Declared Statesman Stimson: "As a result of this the ship of business was held steady. . . . That was intelligent, carefully planned leadership. ... It prevented the immediate panic which threatened...