Word: dows
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Dates: during 1940-1949
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Three weeks ago, after the Hitler-panicked stockmarket cooled off (at around 115 on the Dow-Jones Industrials Average), a sober fringe of investors figured that many stocks were priced too low. Their reasoning: that the worse Hitler made things look for democracy in Europe, the more U. S. heavy industry would boom on National Defense spending...
...Wall Street market player has to be punchdrunk and nearly broke to cheer when the ticker tape stops moving. But last week such an intermission was welcome to the Street. The market turned on its side (at around 115 on the Dow-Jones industrials average) and lay still. Wrote New York Post Columnist Samuel Grafton: "The 'better technical position' assumed by the investor consists of his lying flat on his back in the gutter with one foot on the curb, his eyes closed and his mouth open. In this position he neither buys nor sells...
Week II of Hitler's war against the West was also week II of a Wall Street panic. Down another eight points went the Dow-Jones average of 30 industrials to 114.75. Volume of stocks dumped totaled 10,370,000 shares, against over 17,000,000 shares moved during panic week 1 (TIME, May 27). One reason why the panic slowed down: most shoestring margin accounts, many small, outright holders, were already sold out. Furthermore, bargain hunters held off in the hope that stocks like Bethlehem Steel might soon be given away closer to 40 (when...
Wall St. For World War ll's first eight months, the New York Stock Exchange refused to get excited. Speculative animal spirits in the first week of September carried the Dow-Jones industrials average up to only 157.77-below sodden 1938's high (158.41). From then till the first week of May, the market dispiritedly backed & filled between 155 and 145. By staying horizontal, the market earned great forecasting kudos. If U. S. businessmen had followed it, they would not have permitted production to jump out of line with expectations, and might have avoided 1940's corrective...
...same Fair that had flopped financially last year. This time it was managed, not by glorious, gardeniaed Director Grover Whalen, but by Manhattan Banker Harvey Dow Gibson. Installed by the bondholders (issues outstanding: $23,000,000) to reduce or wipe out the Whalen deficit, Harvey Gibson did not attempt to remake the fabulous panorama on Flushing Meadows. He simply changed its atmosphere, discarding the austere conception of a World of Tomorrow, promising in its stead "a welcome as sincere and friendly as that of the old-fashioned county fair." Chummy, folksy releases cascaded from the offices of Leo Casey...