Word: stockmarket
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Through April, May and early June last year - while 1938's recession was bottoming-the stockmarket was indigo blue. At 10 a. m. on June 20, something happened. The market turned in its tracks and began to climb. Blue turned to rose color. For two weeks stocks climbed spectacularly. So far as the market was concerned the corner had been turned. Last week something resembling the June turn of a year ago, but on a much smaller scale, took place in the market. Brokers talked jubilantly of another corner being turned...
...stockmarket did not heed the men who know most about the steel industry. In Manhattan the American Iron & Steel Institute held its annual meeting and tough Tom Girdler, head of Republic Steel -dressed up for the evening in a white tie and tails, as he handed over the presidency of the Institute to his successor, shrewd E. T. Weir, head of National Steel -said bitterly...
Significance. The most notable feature of last week's stockmarket upturn was that so far as it rested on solid ground it was based on expectation of Government action. Imminent repeal of taxes on capital gains and undistributed profits entitle stocks to enjoy a modest two or three day rally. But for the first time in nearly a year the market ceased to be a slavish follower of production. Time was when the market presumed to anticipate changing trends in production three to six months in advance. In June 1938 the market anticipated production by only a few weeks...
Thus he laid the groundwork for a new recovery program. A year ago, after the stockmarket cracked, the New Deal launched a $4,000,000,000 spending program calculated to raise consumers' buying power. It did, but a year later recession again rears its ugly head, and this time the Administration, in spite of what the President said May 22 about the milk and the coconut (see p. 15), is tempted to try something else, is toying with the idea of spending for capital goods...
...however, is the new policy an accomplished fact. Last June, a similar program was under consideration, but there came a sudden business flurry and Franklin Roosevelt sent the idea back to the dead file. Provided the stockmarket does not turn up sharply and reassure the Administration, investment spending may become the New Deal's 1939 economic program, a program in which the U. S. Government may become investment banker to the U. S. economy...