Word: bullishness
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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...
...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...
When the Reserve system poured cold water on the stock market, the result was quickly observable in the diminished cheerfulness in general business. Perhaps it was the realization of this which induced Mr. Mellon to issue a quite "bullish" interview, with especially favorable comment upon the extent to which shares have recently risen. At any rate, just as the stock market itself has apparently recovered from the psychological jolt thus administered to it, so have industry and commerce. Retailers, who for a while dreaded a slump until after the Christmas season, are now apparently in a more optimistic frame...