Word: panic
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Dates: during 1930-1939
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Since early September stockmarket prices had declined steadily. When the week opened, commentators were already comparing prices with the panic lows of Nov. 13, 1929. Steel drew near to $150 (its 1929 high was $261¾). On Thursday, Stock Exchange President Richard I. Whitney, who on Oct. 24, 1929 had temporarily reversed the market by bidding $205 for Steel when it was at $190, this time was willing to bid the market-price $150. At this figure 25,000 shares were sold in a single $3,000,000 transaction, but even indirect evidence that J. P. Morgan & Co. was buying failed...
...effects of the stockmarket crash by holding a series of White House conferences on public works, wages, employment (TIME, Nov. 25, et seq.). Declared Statesman Stimson: "As a result of this the ship of business was held steady. . . . That was intelligent, carefully planned leadership. ... It prevented the immediate panic which threatened...
...against the U. S. All discussed an international trade alliance to combat U. S. protectionism. All feared that the U. S., greatest producer of comestibles, motors, radios and whatnot, not only would not buy in their markets, but would flood them with vast surplus stocks, bringing about a world panic...
Stockmarket traders last week found themselves forced back to the neighborhood of the line established by last November's panic. Stocks stood generally at or near their 1930 lows, which in several cases had sunk even under the 1929 panic figures. Lowered money rates and reduced brokers loans had no effect. It was generally felt that bear operators were ready and able to force continued lows during the present week...
...their close-packed, triad formations, the ocean changed to a duck-marsh, with here wedges of swift teal (the fighters), here a group of bigger black duck (scouts), and there a string of geese (the bombers). In about a half-hour enough planes were put in the sky to panic-strike, if not devastate, any city in the world. New Yorkers who had seen the Navy's great air "raid" (TIME, May 19) or readers of Hearstpapers who two days prior to the review had seen Cartoonist Windsor McKay's nightmarishly memorable picture of a city gassed from...