Word: april
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Dates: during 1930-1939
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Last week if shorts did not lose their shirts, some of them lost their neckties. At the end of April the short interest amounted to 662,000 shares, a 48% increase in four months. In Chrysler stock (the No. i flier) the short interest had increased 176% to 65,000 shares. Shorts had gauged all too well that business was receding. Overenthusiastic pessimists who had had trouble finding buyers, suddenly found too many buyers. When professional buying began, the shorts ran to cover, joined the buying parade. Result: in two days the Dow Jones Industrial average rose 3.76 points...
Production. Very different in one respect was last week's upturn from that of a year ago. At that time the Federal Reserve Board's index of production fell two points in April, one point in May, turned in June, was on its way up in July (although reported several weeks late its trend can generally be anticipated from weekly figures on various industries). Last week the Board's index reported a six-point drop for April, and May production was guesstimated at 90, June still lower...
...slavish follower of production. Time was when the market presumed to anticipate changing trends in production three to six months in advance. In June 1938 the market anticipated production by only a few weeks. Last November the market and production peaked about the same time, then fell together. In April the market hit its 1939 low and production did also. Last week they parted company for the first time in a year...
...York Curb Exchange, its stock (which early last year could have been bought at 50^) sold last week for $5.25. For the first time in its history the slow-growing goose began to grow feathers for stockholders' pillows: a profit of $3,000 in March, $2,600 in April...
Nazis of lesser faith find it a long wait. Dr. Hellmuth Langenbucher, Director in Chief of Literature, in Nazi Book News of April 1939 grumbled: "a plethora of translations," "a flood of historical novels, more than 100 in 1938, many of them 1) bad, 2) unnecessary, 3) irrelevant, 4) mediocre, 5) 'more or less average." He found too "an extraordinary number of books" in which non-German personalities were stressed, Roman Generals, Russian composers, French painters. Other shortcomings : "No new peasant novels, soldier novels, glorification-of-the-Führer novels, sport novels, strength-through-joy novels, no conquest...