Word: panic
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Dates: during 1930-1939
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...were considered the weakest Davis Cup players the U. S. had had in a generation. For the doubles-to face seasoned Quist and Bromwich-U. S. Davis Cup Captain Walter Pate selected 20-year-old Joe Hunt and 18-year-old Jack Kramer. It was a last-minute, panic choice. Gene Mako, who had teamed brilliantly with Don Budge in three previous Cup matches, had proved to be a chump with any other partner, and Bobby Riggs & Elwood Cooke (who were good enough to win the Wimbledon Doubles championship this summer) were trounced by Quist & Bromwich...
That morning, dangling his withered left hand on a shiny sabre-hilt, Wilhelm II was considering an ultimatum to Russia (sent the following day): cease mobilization in twelve hours or Germany will fight. Stock exchanges in Paris, Brussels, Berlin, St. Petersburg were already closed in panic. But the London Exchange had had business as usual that Thursday. Many a U. S. businessman waved away Wilhelm's ultimatum as "pure bluff." At 23 Wall Street Mr. Morgan & friends emerged from meeting after three hours, confident there would be no World War. They announced the New York Exchange would remain open...
...compiling the transactions of the biggest trading day (1,306,690 shares) since October, 1911. The New York Times average of 50 stocks, standing at $64.69 on Monday, had dropped 10% to $57.77 by Thursday. European holders of U. S. stocks were jettisoning their financial cargoes and the panic had spread to U. S. investors. By 9 a. m., brokers were swamped by a tidal wave of selling orders...
...begin trading. (Noble had said it was not to ring until he gave the word.) Four minutes before 10 o'clock the word came: The Exchange had been closed. It did not reopen until November 28 (under restrictions not entirely removed until April 1, 1915). By that time the panic had passed, the New Federal Reserve act was in effect (Nov. 16, 1914) and the U. S. was beginning to grow fat on war business...
World War I came as a severe shock to U. S. business. World War II, following a full year of alarms and a fortnight of intense crisis, was no shock. There was no selling panic, no steep drop in prices. The Dow-Jones industrial average of 30 industrial stocks which had dropped almost 7 points to 135.11 in the week ending August 19 oscillated without great excitement. Its low was 133.31 on August 24. Then it began to climb as war became a virtual certainty...