Word: markets
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Dates: during 1920-1929
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Phases of contemporary America will be brought in a moving show to the great Forum that is the Yale Bowl tomorrow. What place the market fairs of Lyons yesterday filled or the medieval fields of the cloth of gold, the growth of the football stadia more adequately supplies for a nation of stockholders. Furs, fine fabrics, fair women, the light and shadow of autumn, the iridescent color minglings of eighty seated thousands form the tableau at New Haven. It appears new and of certain splendor. Yet the first roar that greets the raising of the grate for the two opposing...
Oils, coppers, utilities up 3 to 7 points as the market opens Wednesday, then churn back and forth. Kennecott copper up 12; Curtiss Aero, 12⅓; Wright Aero, 15½. Turnover: 4,894,670 shares. . . . More on Thursday, 5,037,330 shares, second "five million" day in history, only a handful less than on record-breaking June 12. Montgomery Ward closes at 366. Net gain: 17 points. Mounting, too, are Wright (6½-points more, 22 in two days), Coty, Inc. (10½). Where is the ticker? Over an hour behind (might as well have been a week) on Thursday...
Thus, the Hoover market. Like its predecessor, the much-loved, much-criticized Coolidge market, it is the joy of bulls, despair of bears. Will it last? Will it break? Foolish bulls or stubborn bears...
With Steel confirming the "15x" theory, did investors hold General Motors cheap at 222, rush to brokers with orders to buy? Prudent investors consulted prudent stockmarketeers. They learned: 1) that the "15x" formula might justify itself in a strong bull market, but that it could not be maintained in a slump; 2) that many a sound, conservative stock, undisturbed by pools, sells at 10x or 12x; 3) that 5-year earnings are safer guides than 9 months or a year...
Seats. Last week, one of the 550 seats on the Curb Market was sold for $120,000. There are exactly twice as many seats on the New York Stock Exchange, each exactly four times as valuable...