Word: market
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Dates: during 1930-1939
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Through April, May and early June last year - while 1938's recession was bottoming-the stockmarket was indigo blue. At 10 a. m. on June 20, something happened. The market turned in its tracks and began to climb. Blue turned to rose color. For two weeks stocks climbed spectacularly. So far as the market was concerned the corner had been turned. Last week something resembling the June turn of a year ago, but on a much smaller scale, took place in the market. Brokers talked jubilantly of another corner being turned...
Commodity Prices. Last June shorts were squeezed in cotton, hide, rubber, lesser commodities, as well as in stocks. Last week, also on a lesser scale, speculatively minded manufacturers, who had gone short of raw materials, again turned to buy in a rising market. The difference this year is that the commodity price upturn is accompanied by falling instead of rising production, is more speculative, than industrial; cotton textile prices rose as inventories peaked again at over 200,000,000 yards, and manufacturers discussed ways of carrying unwanted cloth; hide prices zoomed as leather production fell from...
Government Magic. The 1938 market upturn was signalized by Franklin Roosevelt's decision to prime the pump once again by putting $4,000,000,000 of emergency money into circulation. Last week the President had made no such decision but speculators hoped for other forms of Government magic. They had reason to expect that business would get a modest boost from repeal of some of the more painful provisions...
...that so far as it rested on solid ground it was based on expectation of Government action. Imminent repeal of taxes on capital gains and undistributed profits entitle stocks to enjoy a modest two or three day rally. But for the first time in nearly a year the market ceased to be a slavish follower of production. Time was when the market presumed to anticipate changing trends in production three to six months in advance. In June 1938 the market anticipated production by only a few weeks. Last November the market and production peaked about the same time, then fell...
Last week, Berle made another stab at ideological control of Senator O'Mahoney's Monopoly Committee. He appeared at its investment bank hearings to tell how to fix up the capital market. Erudite, as usual, he backed up his remarks by allusions to economic bigwigs like England's John Maynard Keynes, Brookings Institution's Harold Glenn Moulton. His program took over three much-hashed New Deal recovery inducers, pronounced them not-radical, stamped them with the Berle trademark...