Word: boom
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Dates: during 1940-1949
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Railroad bonds rose even farther than stocks. Such second-rate liens as Missouri-Kansas-Texas (Katy) 4s and 4 1/2s, Southern Pacific 45, were bought in large blocks. Thanks to Wall Street's year-old mistrust of the defense boom, the abrupt conclusion of which might send many railroads into bankruptcy, these bonds could be bought at prices to yield as much as 20%. Wall Street still distrusts the boom. But it could not overlook the rising curve of railroad traffic...
...whichever chart is of special interest in the light of the week's news. This week, for example, TIME prints (in addition to its new production index) a graph of the recent increase in commercial bank loans, which have been spurred by defense to their first boom in ten years...
Last summer Congress made defense orders the first Government contracts in a century assignable for borrowing. This cut in the banks on the defense boom, and the boom itself did the rest. The American Bankers Association reported few weeks ago that 195 of the largest U. S. banks (in 79 cities) had lent $572,949,466 to defense industries by the beginning of the year, were negotiating for another $112,235,733. But still the bankers' activity was more boomlet than boom; commercial loans stood far below the 1929 peak...
...last week the 2,600-foot-deep Ajax mine (formerly workable only with constant pumping) was dry all the way to the bottom. With the water draining from the mines, an estimated $13,000,000 in gold deposits was being uncovered and Cripple Creek was ready for another boom...
After 1900 the Cripple Creek boom flattened out. Although the field was 9,500-11,000 ft. above sea level, the miners, as they went deeper, met a mass of spongy rock in a pocket of granite where water had collected for centuries. One tunnel, blasted through the granite in 1903, drained away some of the water. Another, finished just before World War I, gave Cripple Creek another lease on life. But by 1930 the boom days were gone...