Word: crashing
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Dates: during 1930-1939
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...trains clatter daily on split-minute headway, carrying well over 1,500,000,000 passengers every year, more than three times as many as ride each year on all the big U. S. railroads put together. Until this week no subway passenger had lost his life in a train crash in more than two years. Then one morning a closing car door caught a woman's hand as a local train started to move out of an east-side station. An excited passenger jerked an emergency stop lever. The train jammed to a halt. Into the rear...
...enough run, and his plane had stalled because of inadequate speed. They discovered also on the ship with which they experimented that a mechanism had been installed to limit the forward movement of the propeller pitch-control lever. They looked for a similar mechanism in the wreckage of the crashed plane, and found it. The investigators concluded that the crash would probably not have occurred even after the pilot's error, had he got full emergency power from his propeller when he threw the lever forward as far as it would...
...what might be termed sporadic evils, undue restraints are being placed upon normal, proper action, thus creating abnormal market conditions. . . ." Same week that this tempered but widely publicized kick issued from the Exchange, stock prices, having climbed back to 190, again turned down in the beginning of the worst crash since 1929. As the toboggan gathered momentum, President Gay began to seem a seer and SEC was on the spot. SEC chairman then was amiable James McCauley Landis, who was so busy retiring to become dean of Harvard Law School that he scarcely bothered to reply to Broker...
...form of the reply was typical-the Exchange offered to publish a letter to Douglas promising to reorganize and admitting that SEC was not to blame for the crash. No less than 15 drafts of this letter were composed, each so phrased that Douglas knew it was just one more runaround. Finally, in mid-November, he blew up, snapped: "The negotiations are off." "I suppose you'll go ahead with your own program?" asked the Exchange's representative...
...demanded reorganization, this strategy called for appointment of a committee to study reorganization, then delay on the job long enough for the crisis to blow over. Accordingly, the governors voted for such a committee, gave Gay the right to appoint it. But Gay had seen the light. Viewing the crash (by then the Dow-Jones average had dropped to 113), the depression and Douglas' determination, Gay decided it was time to play ball. To the fury of the Old Guard, he appointed a genuinely liberal committee headed by a non-Exchange member, Carle Cotter Conway, dynamic chairman of Continental...