Word: markets
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Dates: during 1920-1929
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...return deviously, cautiously, to the street corner where the game was in progress. Last week, the small operators, "piker traders," sidled back to the corner of Broad and Wall streets, Manhattan, to see if the absorbing Stock Exchange was once more safe for speculation. They watched, guessed, dabbled. The market was quiet, neither bullish nor bearish. Puzzled, the traders waited for more convincing results of the new 5% rediscount rate, wondered if the battle of the bulls and bankers were in progress, already ended, or just beginning...
...potential $13 of credit. In four years, the U. S. in this way alone added $6,500,000,000 to its credit resources. It could finance a building boom, a Florida boom, vast instalment selling, new highways, new factories. It had enough credit to support a continuous bull market, with stocks soaring week by week. Through the twelve Federal Reserve banks, together with their member banks, it could lend money to brokers at 3½ or 4%, swelling the credit available for speculation. Money was easy. Times were good for the traders...
Money was never so easy as last September, when the bull market was in full swing. But in Europe the central banks were in trouble. Helpfully, the Federal Reserve sought to ease up still further on credit in the U. S., with the sound idea that higher interest rates abroad would attract much-needed funds. It ordered the Chicago bank to reduce its rediscount rate from 4 to 3½%. Chicago bankers, led by famed Melvin Alvah Traylor, head of the powerful First National Bank, dissented sharply, voiced grave warnings. Unheeding, the Federal Reserve forced its way, helped Europe weather...
Bear. Banker Traylor's warnings have been remembered in the last few months. Since September, Coolidge prosperity has suffered many a blow. One by one, market operators have noted these ominous signs...
...credit resources already strained by the movement of gold abroad, the Federal Reserve stopped buying government securities, started selling them, withdrawing loose money from the market, reducing its credit reserves still further...