Word: market
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Dates: during 1930-1939
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Then & Now. Last week J. P. Morgan, who in 1914 helped stem war's invasion of the market place, had no part in doing so again. With his 72nd birthday only a week off, he was on the high seas (on his way home from grouse shooting in Scotland), cut off from all communication with the world as the Queen Mary, with radio silenced, sped toward New York...
...front and by the first day's end had advanced the maximum permissible limits set by the Commodity Exchange Administration (5 to 8 for wheat, for sugar). Popeyed at the spurt but calculating on still further rises, many a holder of wheat and sugar pulled out of the market, determined to hang on to his investment for still higher prices. As a result many buying orders were unfilled. Hides and lard boomed as they had not done since World War I, copper was up to 10, crude rubber up 2.28 to 18.9, highest since 1937. Next day, permissible limits were...
...face was not in stocks but in U. S. Government bonds. Inflation-minded investors who wished to shift to stocks unloaded Governments. Both for the sake of the Treasury and of U. S. member banks, 70% of whose investments are in direct and guaranteed Government obligations, the market could not be allowed to slide...
...Meantime, the Federal Reserve bought Governments on the New York Stock Exchange. It did such a rushing business that the Exchange allowed trading in Governments to continue 25 minutes after closing time. For that day at least the bulk of trading in Governments returned from the over-the-counter market to the Exchange. Sales jumped in one day from $411,000 to $8,170,000 as the Federal Reserve took all open, offers preserving an orderly market although prices declined to more than 1 points...
Controls. For these reasons the Roosevelt Administration was less worried about market collapse than market runaways. But to deal with either, the Government has many a potent weapon which did not exist...