Word: bargainers
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Dates: during 1940-1949
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Prices were steady, to be sure, but volume was a meagre 3,512,000 shares for the week, in contrast with 17,100,000 shares during Panic Week I, 10,378,000 shares during Panic Week II. Traders, with time to look around, saw plenty of bargain price tags on stocks which a National Defense boom might turn into big earners, but a $20,000,000,000 drop in security values in three weeks had beaten all the buying power out of them...
...Lots of bargains-YOUR bargains-the things YOU want to sell. We broad cast them absolutely free. . . . Remember-it makes no difference what it is-as long as it's a bargain...
...before bargain hunters could decide whether to wait for lower prices, one big question had to be answered. Would the President proclaim a National Emergency, approve of SEC's closing the Exchanges? Clamor for such a step grew noisier. The Wall Street Journal chided the clamorers, editorialized: "The Securities and Exchange Commission and the authorities of the New York Stock Exchange are to be congratulated upon their refusal to interfere. . . . The wisdom of this policy is demonstrated by the fact that there has been an actual market throughout the entire decline, with no more than one or two cases...
...average of 30 industrials to 114.75. Volume of stocks dumped totaled 10,370,000 shares, against over 17,000,000 shares moved during panic week 1 (TIME, May 27). One reason why the panic slowed down: most shoestring margin accounts, many small, outright holders, were already sold out. Furthermore, bargain hunters held off in the hope that stocks like Bethlehem Steel might soon be given away closer to 40 (when the $3.75 it has paid in the last twelve months would promise a 9.4% return) than to last week's closing price...
Meanwhile, at last week's end, many prime equities fell to apparent bargain levels. Examples: Du Pont (selling around 160 and paying $7.50), Eastman Kodak (selling around 140 and paying $6), Bethlehem Steel (selling under 80 and paying $3.75), United Aircraft (selling at 48 and paying $2.75), nearly a 5% rate of return on the cream of U. S. business. Traders with cash balanced the temptation to snap up these bargains against the thought that fresh Allied disasters might well knock the market down to still more attractive bargain levels before defense spending takes hold...