Word: stockmarket
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Dates: during 1930-1939
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...glaring facts which forced a change of viewpoint were: 1) the stockmarket slump that had reduced paper values $25,000,000,000 in ten weeks; 2) growing fears of a major business recession. The results were: 1) an immediate move to give relief to Wall Street stock traders; 2) clear evidence that New Deal was giving thought to helping Business and Business was beginning to regret the bitter things it had said about New Deal spending. During the week, the Federal Reserve Board loosened margin requirements,, effective Nov. 1, thus carrying stocks through their steadiest week in two months...
...with his two chief Wall Street policemen- Chairman William 0. Douglas of the Securities & Exchange Commission and one-time Chairman Joseph P. Kennedy. Though no connection was admitted by those involved, within two days the New Deal took a step for which brokers and bankers had clamored since the stockmarket smash began over ten weeks ago. Without offering explanation, the Federal Reserve Board reduced margin requirements for stock purchases from...
Prime evidence of current business recession are steel operations, last week off 41 points from the year's high of 92.3% of capacity. To this statistic U. S. Steel Corp., world's largest industrial organization, bellwether of steel production and of New York stockmarket prices, last week gave the retort direct, by declaring its first dividend on common stock in five years. It announced net income for the first nine months of 1937 as $90,852,853 (after deduction of $4,500,000 for undistributed profits taxation) which amounts, after preferred stock dividends, to $8.26 for each...
Since steel production is a basic economic index and since the stockmarket's traditional bellwether is U. S. Steel (whose operations last week were down a similar percentage"), a good case can be built to prove that railroad weakness is the governing factor in the current market slide. Last week this case was very much confused by the behavior of railroad stocks in one of the most tumultuous weeks in stockmarket history...
Sure enough, one evening after the New York Stockmarket's closing gong the I. C. C. announced a favorable decision. Remarking that "net earnings of the railroads are now inconsistent, in general, not only with constitutional standards as to the rights of private owners, but also with the conditions necessary for the proper conduct of the public service of railroad transportation by private enterprise," the I. C. C. authorized rate increases expected to yield some $47,500,000 more revenue per year...