Word: market
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Dates: during 1930-1939
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Musicraft. Last February Musicraft Records, Inc. was the first of the three new little firms on the market with such discs. A youngish Manhattan lawyer named Milton L. Rein and a music teacher named Henry Cohen formed the firm, took in Herman Adler, a musical researcher from Germany, as digger-in-chief for recordable works...
...second shock was less spectacular but more illogical. Three weeks before the current market slump began in industrial stocks on Aug. 15, railroad shares had started down as the public gradually became aware of the fact that railroad operation costs had grown much faster than revenues (TIME, Sept. 13). With this crisis becoming more acute, the decline in railroad shares dragged down simultaneously the operations of many a basic industry, best example being steel. Hobbled by several factors, among them curtailment of railroad equipment orders,* steel production last week stood at 55.8% of capacity down from its spring high...
Since steel production is a basic economic index and since the stockmarket's traditional bellwether is U. S. Steel (whose operations last week were down a similar percentage"), a good case can be built to prove that railroad weakness is the governing factor in the current market slide. Last week this case was very much confused by the behavior of railroad stocks in one of the most tumultuous weeks in stockmarket history...
...raise freight rates on certain basic commodities. Last week it somehow became generally understood in Wall Street that the I. C. C. was about to announce a favorable decision. With throttle wide and all passengers clinging to their seats, railroad stocks thundered up, pulling the whole market along with them...
...asking for more.* Meanwhile, however, railroad stocks on California exchanges, which had not yet closed when the I.C.C. decision was announced, surged still further ahead on the good news. New York Central closed in San Francisco $1.13 above its New York final sale. Witnessing this, many a Wall Street "market letter" went out that night predicting a thumping bull market in Manhattan next morning. Instead, to the confusion of prophets, railroad stocks and most others fell like a load of corncobs dumped from a hopper car. In heavy trading for a half-day (1,570,000 shares), the ticker lagged...