Word: markets
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Dates: during 1920-1929
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...bought and paid for one share of each of these stocks in October, his bill would have been $3,143.00. In. November he could have sold them for $4,533.50, realizing an average profit of about $75 a share. Actually, much paper profit was turned into cash on the market's only day of weakness (Wednesday). The Wall Street Journal reported that the Brothers Fisher sold their 300,000-share holdings of Radio. Their investment cannot have netted them less than $30,000,000, may have made...
Bears. When Radio broke a few points on Wednesday, the market tumbled swiftly after. Johns-Manville lost 9 points; International Harvester, 13; Adams Express, 10. Case Threshing Machine, "rich man's stock"*, dropped 19¾ points, closed...
Bulls called this reaction "corrective," "salutary," "reassuring." But the market's stubborn bears held it an omen of a real break to come. On the same day, Economist Virgil Jordan of the National Industrial Conference Board, spoke Spanish words at the Hotel Astor (Manhattan). He warned: "Prosperity in the present situation is rather a state of mind than a fact. ... It is an illusion created by extraordinary financial conditions, by exceptional activity in production of certain types of goods. . . ." These goods, he noted, included many luxuries, few necessities. He cited depression in industries producing food, clothing, coal, transportation...
...last week's market heeded neither warnings nor signs. It ignored...
Machines. Hopelessly overtaxed, the market's machinery halted Friday night, attempted to catch up over the weekend. Early in the week, the ticker had run two hours behind the market. Exchange authorities ordered the omission of volume figures on the tape. To supply the press with the figures, Western Union sent to Chicago for telegraphic printing machines, chartered six compartments of the Twentieth Century Limited to carry them swiftly and luxuriously to Manhattan. Even without volume, the ticker ran 49 minutes behind in Friday's session...