Word: bearishness
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Significance. The outstanding development of the week was the fact that, without taking any radical measures, the Federal Reserve Board, aided by front-page publicity given to bearish conversations in Congress and in the Reserve advisory council, succeeded in scaring Wall Street into a liquidation movement. A definite obituary on the bull market might, however, be a little premature. Mysterious despatches from Washington stressed an alleged division of opinion on the Federal Reserve Board and the existence of a minority party opposed to anti-speculative measures...
...combined bearish effect of the Federal Reserve statement and the English rediscount raise was immediately observable. Market quotations sprouted a universal crop of minus signs. In a day's trading General Electric was-off 12½ points, Westinghouse 10?, Case Threshing 10½, International Harvester 6?, U. S. Steel 6¼. An average of 100 representative stocks declined 3.26 points. The Exchange closed Saturday, allegedly as the result of an influenza epidemic whose peak had long since passed. Stocks reopened on Monday comparatively strong, however, showing a distinct recovery from their first disorderly retreat. Having had time for reflection, traders had apparently decided...
...Cutten interests, represented in Manhattan by Nephew R. E. Cutten, trader for E. F. Hutton & Co. The new company, brokers heard, will not bear Sinclair's oilscandalous name. ¶ Stubborn bears drew little comfort from last week's market. They could only pin hopes on bearish theory...
...hardly reverse their policies . . . the decision will probably be against the stockmarket with ... a serious decline in stock prices before the end of the year." With only six weeks of the year left, Economist Ayres last week failed to mention the Federal Reserve, was far less emphatic, based his bearish innuendoes on precedent. He noted...
John Jacob Raskob has been both bull and bear. His most bearish moment was on the eve of the bankers' convention (TIME, Oct. 15), when he observed that "security prices have far outrun demonstrated values." His most bullish moment was on the eve of his sailing for Europe last March, when he predicted new records for General Motors, observing that the stock should sell at 15 times its earnings, or $225 a share...