Word: panic
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Dates: during 1940-1949
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Then, at 2 p.m. on Wednesday, Oct. 23, something like panic began. There seemed to be no reason for it, but everybody began to sell. In that final hour of trading, 2,500,000 shares changed hands and prices tumbled crazily: Auburn Auto, which had recently sold as high as 514, lost 77 points to close at 260; Adams Express, which had once been up to 750, lost 96 to close at 440. The closing bell stopped the selling. All night, brokers sent out frantic telegrams to the hundreds of thousands who had bought on margin, putting up as little...
...York banks had put a cushion under the market. The market rallied. It looked as if the Morgan "miracle" had staved off disaster. "Business," announced Secretary of the Treasury Andrew W.Mellon, "is fundamentally sound." The Cleveland Trust Co.'s Leonard P. Ayres said there had been a security panic, with no economic basis. Banker Lament pronounced it only "a little distress selling." The National City Bank's Charles E. Mitchell saw "nothing fundamentally wrong with the stock market...
...left Fascist Italy before the last war, continued his researches at Columbia University and became a U.S. citizen. He was a top man on the team that put the first chain-reacting pile to work in Chicago in 1942. Last week he prescribed energy and vigilance as antidotes for panic: "American supremacy is predictable up to 20 years if we work hard. As for me, I expect to sleep as well as my insomnia permits. I'm a fatalist by nature, anyway...
After weekends, when the population is back to normal, Wellesley is as busy as an A. & P. "Don't panic," the girls tell each other as pre-exam work piles up. But some girls do panic, and a few secretly resort to "bennies" (benzedrine). Otherwise, they worry about their figures, and then at the Well, the campus soda fountain, they gorge themselves on Wellesley Specials (a brownie smothered in ice cream and hot fudge sauce). They play bebop records by the hour, but know more about Bach than any Wellesley generation before them. They are coldly practical about some...
...Panic. By & large, the U.S. accepted the fact with grim concern, but with no panic. In Congress an irresponsible few talked nervously of the desirability of moving some Government agencies out of Washington. A few resurgent isolationists seized on it as a reason for scuttling all international programs from MAP to the Marshall Plan. But most reaction was sober, balanced (see PRESS) and a little sardonic. Men told each other wryly: "Better get out your old uniform." Others joked about getting a cabin in the hills. Many talked of a feeling of relief that the period of waiting was over...