Word: panic
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Dates: during 1920-1929
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...called Doctrine of Ministerial Rotations was invented, at Rome last week, to explain the resignation of Finance Minister Count Giuseppe Volpi (TIME, July 16) and to forestall the panic which threatened to ensue...
Rumors of Italian panic were whooped up on the hostile Paris Bourse until even in Manhattan, where so many financiers are notoriously pro-Fascist, quotations on the most impeccably secured Italian bonds moved down as much as 1¾ points. As uncertainty grew to fear the Italian lira, which Count Volpi placed on a gold basis cf 5.26? last December, sank abruptly to 5.23½, a low record...
From Paris came a second wave of panic rumors-again with repercussions in Manhattan. Fascist censors were suppressing, it was declared, the fact that Italian bankruptcies have risen from 500 per month in 1923 to over 900 per month. Substantial Italian banks with capitalizations of between one and 600 million lira were stated to be going bankrupt at the rate of one such institution every fortnight. Finally bills to a total value of three and a half million lira were declared to have been dishonored during the past twelvemonth in the three provinces of Rome, Milan and Turin...
Though uneasiness continued as to the ultimate effect of Count Volpi's retirement, panic rumors were virtually scotched by the ingenious "Doctrine"-which really amounted to assuring the public that Volpi had been sacked by Il Duce and had not resigned because he deemed the fiscal structure of Italy unsound...
...their speculations, was James Augustine Farrell, president of the U. S. Steel Corp., for 35 years an expert in marketing U. S. steel abroad. In 1893, Germans recalled, it was the 30-year-old Farrell, then general manager of the Pittsburgh Wire Co., who brought his company through the panic by selling half the plant's output in foreign markets. By 1901, when the U. S. Steel Corp. was organized, Mr. Farrell was recognized as the outstanding candidate for the post of foreign sales agent. In 1903, he became head of the corporation's export subsidiary...