Word: bullish
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Dates: during 1920-1929
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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...
Time graciously justified the Most Bullish Moment. General Motors did set new records, did eventually climb to a tantalizing 224⅛. But by the time the stock had reached Bull Raskob's figure, earnings had also skyrocketed. Last week, when President Alfred P. Sloan, Jr. announced quarterly profits of $79,266,639, nine months' profits of $240,534,613 (record for any corporation in peace time), investors hastily calculated values. In nine months, General Motors had earned $13.42 a share. Expected earnings for the full year raised the figure close to $18. Bull Raskob's formula...
...Strong policy of easy money which led to the stock market's frenzied speculation. And many a bull, in Manhattan and in Chicago, damned bitterly the Federal Reserve Bank's efforts to undo, by raising the rediscount rate, the mischief it had done. Most bullish of all bulls is the Journal. Most hateful, therefore, is the present high rediscount rate...
...street corner where the game was in progress. Last week, the small operators, "piker traders," sidled back to the corner of Broad and Wall streets, Manhattan, to see if the absorbing Stock Exchange was once more safe for speculation. They watched, guessed, dabbled. The market was quiet, neither bullish nor bearish. Puzzled, the traders waited for more convincing results of the new 5% rediscount rate, wondered if the battle of the bulls and bankers were in progress, already ended, or just beginning...
...lean & cheap. Overproduction of litters, weaned on high priced feed, plus the abnormal foreign demand for corn explains the current departure from the inexorable "parity." Farmers must win back on corn what they lose on swine. Furthermore, the situation in rye (unexplained except for unrivaled Eastern demand), is unusually bullish; U. S. rye supplies are now lower than they have been for five years...