Archive for the 'Stock Market' Category

Wall Street 1929 Part 4

In Paris a banker announces that America, because it controls the world’s wealth, must become the center of world culture, its opulent patron. In Texas, an oil man, recouping $25,000,000 that Wall Street took away from him five years ago, serves notice he is through with the market forever. And one of my friends, a [...]

Wall Street 1929 Part 3

PROSPERITY is the match-maker that inspired this mating which, twenty years ago, would have been damned as miscegenation. When the World War ended, you and I and our neighbor heard considerable talk about this singular quality. It seemed to be something intrinsically American. It stood for money in the pocket—in the bank. And we were [...]

Wall Street 1929 Part 2

Today Wall Street is the nation and Main Street is more Wall Street than Wall Street ever was—or probably ever will be. Wall Street is a state of mind; 20,000,000 men and women—investors and speculators—are its corporeal being; and the chattering tape that runs under the glass domes of 12, 000 tickers, up hill and [...]

Wall Street 1929 Part 1

HOW quickly indeed do we lose the feverish faiths and passions of our fathers. The memory of the average American is short, and shorter still the span of his conscience. In this it would seem he differs quite sensibly from the elephant. His capac-ity for sustained hatred is very largely modified by its immediate convenience.
We [...]

The Four Year Bull Market Part 3

STOCKS declined about 5 or 10 per cent in October and it looked as though the depression in business was to be the dominant factor. The recession, though, was brief. Prices soon headed upward once more.
Since speculation was becoming rampant and foreign countries had taken all the money they needed, the Reserve banks started to [...]

The Four Year Bull Market Part 2

THE most serious interruption to the stock market advance came in the early spring of 1926. The conditions which apparently brought it about are worth reviewing because they resemble in many ways those which have prevailed for the last few months.
There was no let-up in business activity. The records show that commerce and industry were [...]

The Four Year Bull Market Part 1

OBITUARIES of the “Coolidge bull market” may be premature but the long and persistent advance in stock prices that has lasted for four years has already become one of the major events in American financial history.
To the speculator who trembles when one of his issues drops five or ten points, its course may have seemed [...]