Word: pyramidal
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Dates: during 1940-1949
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Caring nothing about stocks themselves, only about quotations, Jesse Livermore had a theory: he would be right 60% of the time, wrong 40%, pyramid a fortune out of the 20% differential. In 1908 he discovered the cotton market, was wiped out. He could scarcely have chosen a more unfortunate time to go broke. For four years (1911-1914) the stockmarket couldn't make up its mind whether to go up or down. For Jesse Livermore that meant starvation. In 1915 he declared himself bankrupt for the first time...
Like a zoo, the mammoth Main Hall (where engineers have installed an anti-museum-fatigue invention: two pyramid-like seats topped by Beniamino Bufano's sculptured animals, penguin and bear) encloses a large central pit, where, hacking away at a huge granite head of Leonardo, stands Sculptor Fred Olmsted. Helen Forbes works on an egg tempera. Dudley Carter, ex-logger and machinist, hews away mightily on 20-foot redwood sculptures with a double-bitted ax. German-born Herman Volz and 16 assistants work on a huge mosaic. All around the hall, busy as mud-daubers, miscellaneous painters, sculptors, weavers...
Four years ago Professor Albert Einstein, the good grey sage of Princeton, N. J., published an essay in which he compared science to a pyramid (TIME, March 16, 1936). At the pyramid's base are a number of unconnected sense impressions, such as that boiling water is turbulent while cold water is quiet. As progress is made up the pyramid, sense impressions are connected by theorems and syntheses which cover more & more phenomena, so that the basic statements need be fewer (the cross section of the pyramid diminishes). Such progress was made, for example, when heat was found...
...boom-inflated U. S. utility holding companies, the most preposterous was not Howard Hopson's Associated Gas & Electric (TIME, March 4) but a smaller pyramid in which Hoppy once had a large voting interest. This was the $400,000,000 fantasy called Utilities Power & Light Corp., put together by a Chicago Christian Scientist and Shakespeare devotee, Harley Lyman Clarke. Crueler than death has been the fate of ex-tycoon Clarke: by 1938 his own lawyer officially admitted he was too poor to be sued. Unlike Hopson (who built up good operating utilities on the theory that fat cows give...
Month ago J. I. Mange, longtime president and chairman of Associated, stepped down, was succeeded by veteran Washington Lawyer Roger Joseph Whiteford. Mr. Whiteford, who makes annual lectures on the trial of Christ, was providentially reading a tome on the mathematics of the pyramid about the time Associated called. He was hired at $10,000 a month, but it was not certain whether he would get more than one month's pay. Unless RFC granted a $26,500,000 loan to Associated's sub-subsidiary NY PA NJ Utilities Co. (Nypan), unless SEC allowed Associated...