Word: bearishness
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Dates: during 1923-1923
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These optimistic events at once split Wall Street into two schools of thought. One declared its belief that the turn had come, and that pessimistic predictions regarding 1924 had been overdone. The other, bearish to begin with, continued in that frame of mind; it viewed with cynical suspicion the remarkable coincidence of the extra Steel dividend, Judge Gary's cheerful prophecies, Broker Livermore's equally cheerful pronouncement, the upward rush in the price of the four present leading speculative stocks...
...consequently most important, especially during declining or "bearish" markets, for customers to most carefully investigate their brokers' methods of doing business. In this respect, if the broker is a member of the New York Stock Exchange it is a great indication that his business will be honestly handled because of the severe rules of that institution regarding business conduct. Moreover, the customer cannot afford to take the letters of recommendation issued by banks regarding stock brokers too seriously, for the big bucketshops sometimes keep larger sums of money on deposit with a bank than a legitimate brokerage firm. They...