Word: steeled
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Dates: during 1930-1939
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September 12 high of $155.92 and $150 (August 31: $134.41). September's stock buyers wanted to know if they had got ahead of the business procession, if so, how far. One reason why $87.50 seemed a more logical price than $100 for War Baby No. i Bethlehem Steel, was this kind of calculation: the very lowest estimate of September's gift to U. S. warehouses runs at something like $1,000,000,000 of unconsumed production. Meanwhile, standard domestic consumption indices (like department store sales) are doing no booming at all. Even Montgomery Ward and Sears, Roebuck have...
Another favorite stunt was buying behind the inventory boom: buying pipe-line companies which haven't yet reflected profits from increased oil production; buying chemical stocks like Union Carbide, Air Reduction and Allied Chemical in order to cash in on the inventory boom in the steel and textile industries these companies supply; buying rail equipment companies like Pressed Steel Car, American Car & Foundry, Colorado Fuel and Iron which seem sure to get the profit booming carloadings should be bringing the unprepared U. S. railroads...
Payoff on Month I of World War II: some plunged in Beth Steel at $go-to-$100, hedged by picking up German Government dollar bonds (which went unnoticed from $5 to $9) on chances that they might go to $25 (netting 400%) if Hitler should happen to get his peace...
...settle for $100,000 apiece, got Attorney General Frank Murphy to agree provided it can become a going concern again, started reorganizing to open its moldy Cramp's yard in Philadelphia. On the west coast, where last spring the U. S. Navy had tried unsuccessfully to buy Bethlehem Steel's Hunters Point Drydock in San Francisco harbor, and where Admiral Land is determined to build two new shipyards, the rush to restore obsolete capacity was wildest. Western Pipe and Steel, a small steel fabricator which did only a $5,336,034 gross business last year, booked...
Meanwhile economists,who had been looking to shipbuilding to absorb thousands upon thousands of unemployed workers, began ast week to single out the shipbuilding industry as one of the tightest bottlenecks in he way of further advances in production. They noted that, whereas the bottleneck in steel (TIME, Oct. 2) might slow down an unhealthy scramble for unneeded steel, a bottleneck in shipbuilding would certainly slow down one of the key capital goods industries they have been relying on to take steel off the market-if Congress decides that the U. S. does need ships...