Word: market
(lookup in dictionary)
(lookup stats)
Dates: during 1930-1939
Sort By: most recent first
(reverse)
...last week, suave vendors of art began to prepare their galleries along broad 57th Street and teeming Madison Avenue for the return from Salzburg, Paris, Vienna, London of the patrons by whose trade they live. Old and young art dealers were perking up despite the torpor of the stock market. Julien Levy, the introducer of Surrealist Salvador Dali (TIME, Dec. 14 et ante), pioneer in many a modern artist of fashion, announced the removal of his gallery into more spacious quarters on 57th Street. Meanwhile private and public galleries carried on with the last few weeks of their summer shows...
After the stock market dived to new lows at the start of last week, speculators began to take an interest in U. S. Steel shares, which could be bought as low as $86 (year's high: $126.50). But the interest was mild-and very temporary. One morning blocks of Steel began to hit the thin market like a locomotive. All day in what swiftly became a 2,400,000 share avalanche, Steel showed the way downward, sagging to $80 on sales of only 83,600 shares, and the whole list tumbled along with it, setting another low mark...
Next day while the market wavered around its low, the New York Stock Exchange, by now as puzzled as everyone else, launched an investigation into all transactions of U. S. Steel common during the previous three weeks, explaining in a questionnaire to all member firms, that it was only studying Steel as "the bellwether" of the market, not because of charges from Washington that "bear raiding" was behind the market's latest drop. Such rumors spread so swiftly, however, that the Securities & Exchange Commission dispatched a squad to Wall Street to run them down...
While other popular explanations of the week ranged from a theory that the market crack was another 1906 "rich man's panic" to the notion that it was a "capital strike" against the New Deal, one fact became increasingly clear: whether or not pessimism over fall business prospects was at the root of the market's drop, the market's drop had certainly dragged down fall business prospects...
...start of this week the market gave itself a breathing spell, the list climbed a few points back up the ladder. Meanwhile from a prime U.S. capitalist came a remark reminiscent of Andrew Mellon's famed quip early in 1929 that "gentlemen prefer bonds." Said Chairman Ernest Tener Weir of National Steel Corp.: "I think that the present situation can be made very serious unless people stock, look and listen...