Word: stockmarket
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...victim of a production war between the States. Another was cotton, practically shorn of its export markets, hopelessly overproduced for the market left to it. Another was corn, also export-dependent, whose only records these days are set in terms of surpluses. Two others, much more significant, were the stockmarket, which measures business confidence, and construction, without whose participation no boom lasts long. Last week (subject to many a prayer for England) the up-or-down question on both these important fronts was tentatively being decided in favor of the bulls...
...Celanese Corp., has never felt the damp hand of deficit-even in 1932 Celanese cleared $891,866, in 1933 $5,453,903, in 1939 $6,216,781. Last week, getting ready to float a $25,000,000 debenture issue ($15,000,000 new money), he titillated the stockmarket by reporting the best six-month earnings in Celanese history...
...took the full weight of this evidence to persuade gun-shy businessmen that business really was better. There were still two wide rivers to cross. Their pet barometer, the stockmarket, was still flat on its back, had scarcely twitched since its recovery from the Blitzkrieg Collapse (TIME, June 3). And businessmen could not down the fear that taxes would rise faster than profits, convert the Defense Boom to a profitless prosperity...
...last week the stockmarket averages, still crouching, had crept back to 121.48, bolstered by the prospect of Defense spending. Out of hiding came both deferred and new capital issues: some $120,000,000 worth, the most since the week ending March 1, 16 times as much as the previous week. Public offerings included one railroad, one utility, three industrials. Starved investors gobbled them all up, along with a whopping new-money Treasury issue...
...Europe would set off a simultaneous export and defense boom in the U. S. By last week the export boom was out, the defense boom was still in the future, and businessmen figured the barometers had jumped the gun. But meanwhile business operations generally had raced ahead of the stockmarket, which after a brief spurt in June had marked time. Last week manufacturers began slowing down to the stockmarket's pace. They realized that the expected U. S. boom is still on the drawing boards. Mass production of arms cannot start until Defense Advisory Commissioner William S. Knudsen guides...