Word: walls
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Dates: during 1970-1979
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...scheduled. Meanwhile, Soviet embassies in the world's capitals were flooded with inquiries-especially after it was learned that three American specialists had performed eye surgery on a se nior Kremlin leader. (He was not Brezhnev but probably Politburo Member Mikhail Suslov, 76.) In New York City, Wall Street brokers picked up the tale of Brezhnev's death, passing it on to the New York banking community. On Capitol Hill, Senators went from office to office discussing the rumors...
...hearing a word of what is being said or shouted, any experienced trader on the floor of the New York Stock Exchange can listen to the hum of voices around him and tell what is happening. An up market has a different pitch from a down market. But old Wall Street hands vividly remember an exception to that rule. One day 50 years ago next week, recalls David Granger, 76, a senior partner at Granger & Co., a Wall Street brokerage house, "there was a hush over the floor that I've never heard since. It was funereal." Indeed...
...could invest $15 a month, he declared, could eventually reap a profit of $80,000. A Harvard behavioral psychologist named John Watson even found therapeutic value in speculation. "Sex has become so free and abundant," he theorized, "that it no longer provides the thrill it once did." Gambling on Wall Street is about the only thrill we have left...
...decline turned into a rout on Oct. 24, five days before Black Tuesday, and in the days and weeks that followed Wall Street was like a city under siege. Broker Jonas Ottens, 78, then an odd-lot order clerk with Salomon Bros., recalls being pressed into service to telephone customers to tell them that their margined stocks were to be sold off unless they put up more money. "The first call was routine," he remembers. "But the second man acted so upset that I thought he was going to go out and kill himself. I just refused to make...
...brokerage house back offices, where the huge volumes of shares traded had to be processed by hand, the working hours extended from early in the morning until well into the night. Some Wall Street firms sent their employees over to the St. George Hotel in Brooklyn Heights for a few hours' sleep, then brought them back early the next morning. Barbers were brought in to shave them at their desks. "We were going all the time," says Fowler. "The older fellows used to work until 8 or 9 o'clock at night and then go to some speakeasy...