Word: maye
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Dates: during 1930-1939
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Juarez (Paul Muni, Bette Davis, Brian Aherne; TIME, May...
Union Pacific (Barbara Stanwyck, Joel McCrea; TIME, May...
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...
Shorts. Biggest resemblance between the two movements was in the behavior of the shorts. At the end of May last year speculators had sold no less than 1,343,000 shares which they did not own, and were waiting to buy them back at lower prices. In the two weeks following the turn they were panicked into bidding up the prices of stocks which they had blithely sold. Some of them emerged without their shirts...
Production. Very different in one respect was last week's upturn from that of a year ago. At that time the Federal Reserve Board's index of production fell two points in April, one point in May, turned in June, was on its way up in July (although reported several weeks late its trend can generally be anticipated from weekly figures on various industries). Last week the Board's index reported a six-point drop for April, and May production was guesstimated at 90, June still lower...