Word: cashes
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Dates: during 1980-1989
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...N.Y.S.E. gyrates so wildly that floor specialists, who normally buy and sell stocks when no one else will, run out of cash. Trading stops in nearly 90 stocks. Exchange Chairman Phelan considers shutting down the entire market, but a sudden 120-point rally stays his hand. For a time, the Dow hovers...
Donaldson, Lufkin & Jenrette Trader John Sesko goes straight from his company's trading floor to an automated bank machine elsewhere in Manhattan. Sesko punches its buttons, withdraws $100 and puts the money in his pocket. The cash, he says, "gives me a sense of security." Then he climbs onto a commuter train and sleeps all the way home to suburban Connecticut...
...Electric from 129 to 396. Best of all, in the view of the investors who spent much of their spare time eyeing the tickers in the brokerage houses that were springing up around the country, stocks could be bought on margin, or credit, for as little as 10% in cash. About one-third of the nation's more than 3 million stockholders were playing the market on margin, and people at dinner parties kept telling stories about barbers or messenger boys who had kept their ears open, bought on margin and become millionaires. John J. Raskob, who had been...
...thing people did notice the following week was that quite a few brokers were sending out quite a few margin calls: speculators who had bought declining stocks on credit would have to provide more cash or face the loss of their stocks. Late on Wednesday, Oct. 23, came a sharp break: 2.6 million shares sold in the closing hour. The Times industrial average dropped from 415 to 384. The market looked ahead to the next day's opening with a sense of dread...
Unfortunately, it seems that an archaic rule prevents drunken Americans from dropping in on royalty. Thinking quickly, I don a fake mustache, cowboy hat, and Texas accent, and pretend to be an oil millionaire interested in paying cash for the domain of Scotland. I am courteously ushered...