TALES OF "THE GREAT FREE MARKET": BERNARD BARUCH
Suitable and Inspiring Reading For Young Ladies and Gentlemen
Curtis B. Dall married Anna Roosevelt, daughter of Franklin
Delano Roosevelt (FDR). Because of his association with FDR,
President of the USA from 1933 through 1945, Mr. Dall was able to
meet and chat with several of the "behind the scenes" figures
during this historical period.
Mr. Dall describes, in his book *FDR: My Exploited
Father-in-Law*, how he managed to meet and talk with Bernard
Baruch, a multi-millionaire of the time. Curtis Dall, a Wall
Street broker, had learned that Baruch was headed to
president-elect FDR's residence in January of 1933. Dall
inserted himself into FDR's home, and waited to waylay Baruch
between the front door and FDR's study.
Uptown, I carefully spruced up, after which I was casually
sitting in the panelled library on the second floor front
around five-thirty. I was pretending to read but, on the
contrary, was listening for the front door bell to ring.
Soon it did ring, and Reynolds, the butler, announced, "Mr.
I greeted him as he entered the room, introduced myself,
and motioned to him to take the largest chair. He sat down.
[After I felt the "ice" had been broken,] I decided it was
time to get in a constructive word and perhaps get
something for the "Score Board" from the legendary figure
outside the Wall Street Ball Park. So I let go, as it
were, and said, "Mr. Baruch, what do you think of National
Dairy Company stock as an investment?"
He flashed a very pleasant, fatherly smile at me, and said,
in effect, "A fine company, well managed, should continue
to do very well in time."
I realized that I had missed, so tried another shot.
"Mr. Baruch, what do you think of DuPont as a buy?"
Again, the same fatherly smile and same general type of
reply. "Very fine company, diversifying nicely, splendid
management, should continue to do very well indeed, as an
His two well-worded replies subdued me and so I sat back in
my chair with a feeling that I was merely talking with the
experienced writer of a "market letter" for the "whosis"
firm, written for the boys west of the Hudson River.
After a silence, he calmly said, "Mr. Dall, I think well of
For a moment, I felt floored, decidedly off-base. I
managed to say, "You do, Mr. Baruch?"
"Yes," he replied, "I do! In fact, I own about 5/16ths of
the world's visible supply of silver."
A few months later, most startling news about silver did
break in the press in a rather casual manner! In order to
extend a friendly, political gesture, as it were, to our
western silver mining states, =Congress= authorized the
U.S. Treasury to =double the price= it would pay for silver
in the open market.
Like George Stephanopoulos says, "It's not =what= you know. It's
=who= you know." Curtis Dall knew FDR, and that got him an
"introduction" to financier Bernard Baruch. Same too with Monica
Lewinsky. Sure, she's got a college degree in psychology.
"That's nice," (as a former math teacher of mine said.) But
Monica Lewinsky is no dummy. She didn't waste time polishing her
resume and honing her interview skills. That's for saps, young
ladies and gentlemen! Monica just had her daddy, a big-time
"contributor" to politicians, pull some strings and that got her
a job at the White House. Then, Monica-on-the-move impressed
intellectual Bill Clinton so much with her knowledge of
psychology that, next thing you know, Brainy Bill got his friend
Vernon Jordan to cinch a job at Revlon for Monica. Watch and
learn, young ladies and gentlemen! You too can grow up to be a
success in America!
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