Editing Bernard Baruch (section)

==Business career==
Baruch became a broker and then a partner in [[A.A. Housman & Company]].{{When|date=December 2023}} With his earnings and commissions, he bought a seat on the [[New York Stock Exchange]] for $19,000 ({{Inflation|US|19000|1899|fmt=eq|r=-4}}).<ref>{{cite web | url=https://www.forbes.com/forbes/1999/1011/6409121a.html?sh=117f2ed11f1f | title=End of an Era | work=[[Forbes]] | date=October 11, 1999 | access-date=April 22, 2023}}</ref> There, he amassed a fortune before the age of 30 speculating on the sugar market, which was booming in Hawaii. Baruch founded the Intercontinental Rubber Company of New York, which dominated the [[guayule]] rubber market in the U.S. with holdings in Mexico.  His partners in the enterprise were Senator [[Nelson Aldrich]], [[Daniel Guggenheim]], [[John D. Rockefeller Jr.]], [[George Foster Peabody]] and others.<ref>Hart, John Mason. ''Empire and Revolution: The Americans in Mexico since the Civil War''. Berkeley: University of California Press 2002, pp. 183–184.</ref> By 1903, Baruch had his own brokerage firm and gained the reputation of "The Lone Wolf of Wall Street" because of his refusal to join any financial house. By 1910, he had become one of Wall Street's best-known financiers.{{Citation needed|date=March 2023}}

After 1924, Baruch made millions in the [[Market trend|bull market]]. He began to anticipate a crash as early as 1927 and [[Short (finance)|sold stocks short]] periodically in 1927 and 1928.<ref>{{cite book
 | last = Klingaman
 | first = William K.
 | title = 1929 The Year of the Great Crash
 | url = https://archive.org/details/1929yearofgreatc00klin/page/146
 | year = 1989
 | publisher = Harper & Row, Publishers
 | location = New York
 | language = en
 | isbn = 0-06-016081-0
 | page = [https://archive.org/details/1929yearofgreatc00klin/page/146 146]
 }}</ref> On September 25, 1929, after the 1929 post Labor Day peak of the Dow, Baruch refused to join a bull pool of financiers to support the declining market.<ref>{{cite book
 | last = Klingaman
 | first = William K.
 | title = 1929 The Year of the Great Crash
 | url = https://archive.org/details/1929yearofgreatc00klin/page/240
 | year = 1989
 | publisher = Harper & Row, Publishers
 | location = New York 
 | language = en
 | isbn = 0-06-016081-0
 | page = [https://archive.org/details/1929yearofgreatc00klin/page/240 240]
 }}</ref> He advised humorist [[Will Rogers]] to exit the market before the crash. "I did what you told me," Rogers told Baruch when the two met after the [[Wall Street Crash of 1929|Black Tuesday]] crash of October 29, 1929, "and you saved my life".<ref>{{cite book
 | last = Klingaman
 | first = William K.
 | title = 1929 The Year of the Great Crash
 | url = https://archive.org/details/1929yearofgreatc00klin/page/285
 | year = 1989
 | publisher = Harper & Row, Publishers
 | location = New York 
 | language = en
 | isbn = 0-06-016081-0
 | page = [https://archive.org/details/1929yearofgreatc00klin/page/285 285]
 }}</ref>