Word: stockings
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Dates: during 1920-1929
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...were the rumors of ruin and suicide. In Manhattan, one Abraham Germansky, realtor, was last seen tearing ticker tape. In Seattle, one Arthur Bathstein, finance company secretary, shot himself. Estimates of the number of margineers closed out varies from 20% to 70%. During the first three hours of Thursday stock valuations shrank about $11,250,000,000, recovered all but $3,000,000,000 before trading closed. Brokers met at Hornblower & Weeks, counseled against witless selling, thought the decline had spent itself in a day's volume of trading far exceeding anything ever known. On the Stock Exchange...
...issued no statement, hardly retarded the decline. Again Broker Whitney haunted Post No. 2, but at this time U. S. Steel broke through 200, reeled down to a closing figure of 186. All the blue chips of the late bull market were hammered and sliced-the better the stock, the bigger the break. On this day A. T. & T. fell 24 points; Columbia Carbon, 61; Consolidated Gas, 20; Electric Power & Light, 13; General Electric, 47; Eastman Kodak, 41; Otis Elevator, 60; New York Central, 22; Montgomery Ward, 15; U. S. Industrial Alcohol, 39; Standard Gas & Electric...
Tuesday brought also a quota of cheerful utterances. Said T. B. Macauley, president of the Sun Life Assurance Company of Canada (one of the largest of institutional stock-buyers) : "The present crisis in the stock market squeezes out inflation caused by speculation, and we have taken opportunity largely to increase our holdings, and we are still buying." Said Chase National's Albert Wiggin: "None of the corporations or institutions I am connected with is selling stocks at this time. We are buying." President Hoover said that U. S. Industry was on a sound basis. The banking group also...
When Tuesday came, nobody could make any sense of performances on the stock exchange, where the almost incredible number of 16,338,000 shares of U. S. Industry & Commerce were dumped as if they were so much junk. The day's transactions, including odd lots and other exchanges, undoubtedly exceeded 30,000.-ooo shares. Necessity, perhaps, but not Reason ruled...
That nearly every stock was at bargain prices by any modern economic standard was best shown by the fact that very soundest stocks were selling at ten times current earnings and many a stock such as that of the General Motors Corp. reached a point where it was only five or six times current earnings. And General Motors, according to the once unchallenged statement of John J. Raskob, should sell at 15 times earnings. Quite aside from their relation to earnings many stocks sold at a point where their actual yield in dividends was higher than the yield of bonds...