Word: paper
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Dates: during 1970-1979
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...York Stock Exchange, where prices had generally been climbing through the year, brokers were swept up in a selling wave that caused pandemonium on Wall Street and twinges of fear throughout the country. In just five days, the market dive left investors with some $55 billion in paper losses and sent the Dow Jones industrial average plunging a total of 58.62 points to a week's close of 838.99. In terms of points, that was the Dow's second steepest one-week decline ever; during the week of Oct. 16, 1978, when prices were hammered by news of a sharply...
Demand for credit ballooned. In the past four weeks alone, loans to business jumped at a rate of 23%, while the commercial paper market, which is where big corporations trade megabuck lOUs back and forth among themselves, leaped by an astonishing...
...this unmeasured or "invisible" money stock are the credit lines consumers get with their Visa or Master Charge cards, the borrowing they do with a second or even third mortgage on a home, and the ability of companies to borrow on a line of bank credit, in the commercial paper market or even through an overseas financing subsidiary...
Even on a routine and relatively quiet day, the floor of the New York Stock Exchange is like an anthill that has been suddenly kicked open. Men in suits from Brooks Brothers and F.R. Tripler move briskly from booth to trading station, clutching slips of paper. Clerks in blue and tan cotton jackets flit about trying to keep up with orders. Messengers dart in and out of the trading area, while overhead, in symbols seemingly as cryptic as the writing that appeared on the walls of Belshazzar's palace, projectors display the quotations off the stock tapes...
Historically, bonds have been difficult to sell at a time of rapidly rising interest rates. The IBM paper carried a yield of 9.41%, whereas even the new Treasury notes and government bonds returned fractionally higher interest. Also, over the Columbus Day weekend, rumors began to circulate that IBM's third-quarter earnings were down. In fact, as announced late in the week, they fell 18%. The unsold paper, possibly $300 million worth, was dumped on the open market, where it fared badly. IBM's timing ignored a hoary Wall Street axiom: "Never commit yourself to a major issue...