Word: steeled
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Dates: during 1930-1939
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...railroad war, sent 300 engineers and thousands of laborers trooping into the rugged, coal-bearing Alleghenies, with orders to build a competing road 25 mi. south of the Pennsylvania's main Harrisburg-Pittsburgh line along the 46 miles shorter route surveyed half a century before. Andrew Carnegie, steel sales in mind, backed Vanderbilt...
After the stock market dived to new lows at the start of last week, speculators began to take an interest in U. S. Steel shares, which could be bought as low as $86 (year's high: $126.50). But the interest was mild-and very temporary. One morning blocks of Steel began to hit the thin market like a locomotive. All day in what swiftly became a 2,400,000 share avalanche, Steel showed the way downward, sagging to $80 on sales of only 83,600 shares, and the whole list tumbled along with it, setting another low mark...
Next day while the market wavered around its low, the New York Stock Exchange, by now as puzzled as everyone else, launched an investigation into all transactions of U. S. Steel common during the previous three weeks, explaining in a questionnaire to all member firms, that it was only studying Steel as "the bellwether" of the market, not because of charges from Washington that "bear raiding" was behind the market's latest drop. Such rumors spread so swiftly, however, that the Securities & Exchange Commission dispatched a squad to Wall Street to run them down...
During the six-week decline no less than $15,000,000,000 in paper values have been wiped out. And the state of paper values has a potent influence on the state of public spending. As a result, retail stores began to worry over fall sales. Estimates for fall steel production were revised from 75% of activity to 70%. New financing was postponed. And the National Association of Purchasing Agents, cagiest of all buying groups, saw fit to warn that buying should be "conservative" when there was so much uncertainty, even though there is "no real fear of a serious...
...week the market gave itself a breathing spell, the list climbed a few points back up the ladder. Meanwhile from a prime U.S. capitalist came a remark reminiscent of Andrew Mellon's famed quip early in 1929 that "gentlemen prefer bonds." Said Chairman Ernest Tener Weir of National Steel Corp.: "I think that the present situation can be made very serious unless people stock, look and listen...