Word: walle
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Dates: during 1940-1949
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...early days, before tractors, radios and paved rural roads, it had been a kind of Wisconsin religion, and fierce-eyed, thick-maned Robert Marion ("Fighting Bob") La Follette was its prophet. When he railed against the "interests" and Wall Street, when he called for public ownership of railroads, labor legislation and farm relief, he was speaking for thousands of poor, proud, stubborn, toiling men. They elected him governor thrice, sent him to the U.S. Senate for four terms as an insurgent Republican...
Plain people were willing to pay seers up to $50 a session to learn how to get rich, and rich people sent their secretaries to find out how to stay that way. (One Boston chartist reportedly took in $50,000 in 1945 from Wall Streeters alone.) Customers included top diplomats who wanted to know world-policy trends, and movie stars curious about 1946 box-office statistics...
There was plenty of reaction, most of it bad. A few Congressmen thought the speech "realistic"; the majority were cold, some were "shocked." While the Wall Street Journal thought it brilliant, with a "hard core of indisputable fact," Manhattan's devoutly pro-Soviet PM angrily called it an "ideological declaration of war against Russia...
...this, SEC suspended Van Alstyne Noel for ten days from the National Association of Security Dealers, Inc., in effect, barred it from underwriting for that period. Andy would have to find another broker. And Wall Streeters now might not be so eager to buy his stock...
...whose cash feeds the Big Bull market lives in New York, Altoona, Waco and Zanesville. This was proved last week by Wall Street's largest brokerage firm, Merrill Lynch, Pierce, Fenner & Beane (waggishly called "All This and Fenner Too!"). In 1945, it reported, it had added 40,000 new customers, added two new offices to its 89 in big & little cities, had doubled its profits ($8,834,063 v. $4,483,576 in 1944). As a result, 75 partners of Merrill Lynch will split $1,288,887, after all taxes and their own salaries are paid. Said MLPFB modestly...