Word: panic
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Dates: during 1920-1929
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...specialists like that doughty warrior, General Oliver C. Bridgeman, the stock of the United States Steel Corp., most pivotal of all U. S. stocks, is traded in. Steel too, had been sinking fast. Having broken down through 200, it was now at 190. If it should sink further, Panic with its most awful leer, might surely take command. Loudly, confidently at Post No. 2, Broker Whitney made known that he offered $205 per share for 25,000 shares of Steel-an order for $5,000,000 worth of stock at 15 points above the market. Soon tickers were flashing...
...stock market conference had been called while a trading session was still in progress. They did recall, however, that in 1907, with call money at 125%. Secretary of the Treasury Cortelyou conferred with J. P. Morgan, put $25,000,000 of Government funds into Manhattan banks, halted the Panic. They remembered too the Northern Pacific crash of 1901. when, after Northern Pacific stock had gone overnight from $150 to $1,000 a share, the House of Morgan, representing the late great James J. Hill and the House of Kuhn, Loeb, representing the late great Edward H. Harriman, compromised...
...recovery of Thursday afternoon had brought most of the list back to within a few points of its Thursday opening. In the two final days an unofficial but obviously potent banking pool stood ready to prevent a retreat from becoming a rout, a recession from developing into a panic. In addition to the banks already mentioned, the banking pool was described as including George F. Baker's First National, thus renewing the old Morgan-Baker alliance which once caused J. P. Morgan to remark that the friendship of George F. Baker was the most valuable asset that...
...investor had fully realized the necessity for an immediate exit from the market. Thus the session, opening with an accumulation of selling orders, both amateur and professional, was hopeless from the start. By noon more than 3,500,000 shares had been sold in what was obviously a panic-situation. Again bankers met, but issued no statement, hardly retarded the decline. Again Broker Whitney haunted Post No. 2, but at this time U. S. Steel broke through 200, reeled down to a closing figure of 186. All the blue chips of the late bull market were hammered and sliced...
...Tuesday morning the suspicion that there might be a panic had turned to the apprehension that there was a panic. With the market failing to show even the usual closing rally, it appeared that Messrs. Lamont, Mitchell and their associates had been content to witness a liquidation that might technically be termed orderly but was certainly extremely depressing...