The American Stockholder

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Preface and Acknowledgments
When The American Stockholder was published in March,
1958, the United States was in a mild recession, stocks were
down from their 1957 highs, but the genial optimism of the
Eisenhower era was about to bathe Wall Street in a glow of
Prosperity Forever. The happiness boom continued in Wall
Street—with minor interruptions—into December, 1961.
On May 28, 1962—Blue Monday on the New York Stock
Exchange—a grim jest made the rounds of brokers' board-
rooms: "Well, this is different from 1929. At least, we have
air-conditioning. Customers can't open the windows to jump."
Thus was announced the Kennedy Bear Market.
Bear markets pass as do bull markets. But stockholders (if
Karl Marx will please pardon the assertion) go on forever. And
this is a book about stockholders—at whatever level the Stand-
ard & Poor's or Dow-Jones market averages should happen to
be. It has been brought up to date in detail—but the thesis is
as valid in the 'sixties as... Tovább

Fülszöveg

Preface and Acknowledgments
When The American Stockholder was published in March,
1958, the United States was in a mild recession, stocks were
down from their 1957 highs, but the genial optimism of the
Eisenhower era was about to bathe Wall Street in a glow of
Prosperity Forever. The happiness boom continued in Wall
Street—with minor interruptions—into December, 1961.
On May 28, 1962—Blue Monday on the New York Stock
Exchange—a grim jest made the rounds of brokers' board-
rooms: "Well, this is different from 1929. At least, we have
air-conditioning. Customers can't open the windows to jump."
Thus was announced the Kennedy Bear Market.
Bear markets pass as do bull markets. But stockholders (if
Karl Marx will please pardon the assertion) go on forever. And
this is a book about stockholders—at whatever level the Stand-
ard & Poor's or Dow-Jones market averages should happen to
be. It has been brought up to date in detail—but the thesis is
as valid in the 'sixties as it was in the 'fifties. The position of the
stockholder in American society is marginal, not central.
The changes in the years since the book was first written are
indicated by the changes in position of some of the persons to
whom I am indebted for help. For example, John J. Scanlon has
moved from treasurer to vice president of the American Tele-
phone andTelegraph Company. S. Whitney Landon has retired
as secretary of that company. Edward T. McCormick is no
longer president of the American Stock Exchange.
I shan't attempt to differentiate in these acknowledgments
between those who helped on the original and revised editions,
except to specifically note that Eugene F. Price, statistician of
the New York Exchange, worked with me to redraft Chapter
2 which brings up to date the data on the characteristics of
shareholders—who they are and what they do.
Neither Price nor others mentioned are responsible for the
conclusions—those are mine. But the conclusions have in some
cases been sharpened, in others modified, by challenge, argu-
ment, and discussion. So, herewith thanks to those who have Vissza