Word: walls
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Dates: during 1930-1939
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...turn of the century. Wall Street was run by men in muttonchop whiskers, high square derbies, baggy trousers; they thought of stock prices as unrelated quotations on individual issues, often the result of manipulation. Charles H. Dow, a small, precise man, first editor of The Wall Street Journal, had a different idea; he had been keeping averages of railroad and industrial stock prices since 1897, had found beneath individual fluctuations a trend of the market as a whole...
Charles Dow died in 1902 without having made much impression on cynical Wall Street. A subsequent editor of the Journal, florid William Peter Hamilton, embroidered the idea, told men in pegtop trousers and telescope hats that the averages forecast both business and market trends. In 1922 he published The Stock Market Barometer, first comprehensive book on the Dow Theory. William Hamilton died in 1929-a few weeks after he announced that the greatest bull market in history had ended: "On the late Charles H. Dow's well-known method of reading the stock market movement from the Dow-Jones...
...March. Then the Government's desterilization program and the fall in commercial loans, gave bonds a rally quite unlike anything stocks have enjoyed, and the average jumped to 88, has since steadied at 85. Despite this pleasant development, the annual frolic at the Sleepy Hollow Country Club which Wall Street's bond traders enjoyed last week, cost them no sacrifice; for bond buying, like stock buying, is in the doldrums...
...consider how to increase bond-trading on the floor of the Exchange, SEC Chairman William O. Douglas last week sat down with a round table of Exchange members, potent Wall Street investment bankers and representatives of the big insurance companies. Ideas broached to aid the Exchange included: 1) lowering the commission charged from one-quarter of a point to the one-eighth generally charged OTC; 2) admitting big bond dealers and institutions to associate membership on the Exchange...
Last week Wall Street was still chuckling over an incident which somewhat supports criticism of the setup: Fitch's rated the recent $100,000,000 issue of U. S. Steel debentures as AAA (highest), Standard as A1 (second rank), Poor's and Moody's as A (third rank). Last week, too, Secretary of the Treasury Morgenthau revealed that the group which has been devising a uniform bank examination was also brewing substantial modifications of bond ratings and eligibility...