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Reserve Rate. Meanwhile Wall Street itself stirred uneasily. The early week market recovery proved to be largely whistling in the graveyard. As the week wore on and the tombstones stood out more clearly in the gathering darkness, the speculators stopped whistling and started to run. Directors of the New York Federal Reserve Bank held a lengthy and private meeting, after which, however, no change was announced in the rediscount rate...
Significance. The outstanding development of the week was the fact that, without taking any radical measures, the Federal Reserve Board, aided by front-page publicity given to bearish conversations in Congress and in the Reserve advisory council, succeeded in scaring Wall Street into a liquidation movement. A definite obituary on the bull market might, however, be a little premature. Mysterious despatches from Washington stressed an alleged division of opinion on the Federal Reserve Board and the existence of a minority party opposed to anti-speculative measures...
...story of Clarence Saunders' disconnection with Piggly Wiggly is the story of how Piggly Wiggly went to the Stock Market and wound up in the stock yard. In November, 1922, when Mr. Saunders was Piggly Wiggly's successful president, Wall Street operators started a bear movement in Piggly Wiggly stock. Angry, Mr. Saunders hastened from his native Memphis to Manhattan. They would sell Piggly short, would they? Well, he'd show them, and he did. He ran Piggly Wiggly stock up from 40 past 120, realized some millions of paper profits. Then, unfortunately, the Stock Exchange Governors...
...Doctor's Secret: One-hour version of Sir James M. Barrie's half-hour play made vocally effective by Ruth Chatterton. The Shopworn Angel: A chorus girl and a soldier, without a happy ending. The Wolf of Wall Street: Artificial but exciting melodrama of human stock and bondage. The Case of Lena-Smith: An Austrian servant-girl does not wince nor cry aloud. The Wind proves that Lillian Gish is still the best picture actress...
Recently the Metropolitan Museum announced an auction sale of paintings no longer deemed worthy of wall space. Last week the euphemistically-termed "surplus" art was sold. The highest price was $3,500, paid by Circusman John Ringling for Hans Makart's Diana's Hunting Party, a giant canvas (15 by 32 feet), garish and breezy as a circus poster. This will hang in Mr. Ringling's sunny, spacious museum at Sarasota, Fla. For more than 100 pieces the museum received $53,442. Meticulous connoisseurs called it sheer profit, good riddance...