Word: streeters
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Some Wall Streeters worried about what would happen if the funds should start unloading. But they could not do that without breaking the market for their own holdings, nor were they in any mood to do so. They bought for the long term, well aware that an investor who had bought stocks even at the 1929 peak-and held on through depression and wars-would by now have had a 37% profit in General Electric, an 87% profit in Sears, Roebuck, an 800% profit in Dow Chemical. As one Wall Streeter said, "The big boys aren't looking...
...surging bull market paused briefly last week to catch its breath, then leaped to new highs. The Dow-Jones industrial average climbed to 389.60 at week's end, up almost two points from the week before. Said one Wall Streeter: "It used to be that the market rose in expectation of good business. Now it's rising because good business is here." Among recent signs of a vigorous economy...
Average Y. Market. What did the new high in the average index mean? Said one Wall Streeter: "The Dow is back to 1929, but I don't know whether the market is." Some of the other indicators showed just what he meant. The Dow-Jones rail average, though at a high for the year (up 2.55 points last week to 132.27), was still almost 60 points below its 1929 peak; the utility average (up a fraction of a point to 60.75) was more than 80 points below its high. Among other standard Wall Street guides, there were similar discrepancies...
...Edward Streeter '14, president of the New York City Harvard Club, which in the past has been frequently criticized by recent undergraduates for membership difficulties, described "congeniality to the present members" as the principal qualification for applicants. He stated that most people wishing to gain admission to the New York group are admitted...
...supply. When Geyer tried to cover his position, he found that he could not get the $3 million worth of securities that he owed his customers. Did this mean Geyer was doomed to go bankrupt? Said he: "If we do, it won't be voluntary." Many a Wall Streeter thought Geyer & Co.'s capitalization of $220,000 was too meager for its annual volume (well over $100 million). But at week's end some fellow brokers were rallying round, offering to help George Geyer along with capital until he made good to his customers...