Word: walle
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Dates: during 1940-1949
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...people who know its name but not its nature, the Wall Street Journal is the mouthpiece of the potbellied, silk-hatted financiers of New Masses cartoons. But the Journal insists that its loyalty to big business is not blind. On his editorial page last week, Editor William Grimes, a 1947 Pulitzer Prizewinner, tartly told the sugar industry that there was a sour taste to the industry-sponsored Sugar Act of 1948 (see BUSINESS...
Slips for Sale. The Journal, which has never lived on Wall Street, was started 58 years ago by Charles H. Dow and Edward D. Jones, as a handy summary of the financial news bulletins (called "slips") which they sent by runners to clients. It still works hand in glove with the muttering army of Dow, Jones tickers that replaced the runners...
...pictures. "We used to print little head cuts with the personnel notes," says one editor. "When we stopped, readership of the column went up." But the Journal is long on charts, graphs and maps. By aiming at the Main Streets of the U.S. as well as at Wall Street, its editors think they have distributed the risk in case of another depression. "Financial people are nice people, and all that," says Kilgore, "but there aren't enough of them to make this paper...
...Wall Street, where there are some 1,150 purveyors of market letters to keep investors well informed, there had not been so much confusion in years. The trouble was that the experts violently disagreed on whether the upsurge in stocks in the last two months was a short term upswing in the bear market that had started last fall, or a new, rampaging bull market...
Another merchant of gloom was Wall Street Analyst John H. Lewis,* a historical parallelist, who had made his reputation in July 1946 by announcing a bear market just as the market started down. Lewis, not willing to let go of his bear's tail, last week insisted that the market was still a bear. By the fourth quarter, he said, when exports fall off and more & more of the deferred consumer demand at home has been satisfied, a "real slump" will come; the "present bear market" will be intensified...