Word: stockmarket
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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...
...portico. Heading a delegation of midwest farm leaders, President Edward A. O'Neal of the American Farm Bureau Federation informed President Roosevelt that Government corn loans of 60?-per-bu. were imperative. Said Farmer O'Neal: "The condition of farm crop prices is one reason for the stockmarket being so jittery." Both the talk of corn and the talk of jitters were advance publicity for the belated refitting of the New Deal's battered agricultural ship. For when Congress convenes in special session next month a new, permanent farm program will be the first legislation considered...
...shocks last week hit U. S. stock-markets. The first was 100% spectacular. Henceforth Tuesday. Oct. 19 can lay claim to being the most startling single day in stockmarket history since famed Oct. 29, 1929. Prices ended about where they started, but in between they went through an excursion similar to Dr. Beebe's junkets to the bottom of the sea in a bathysphere. Prices on Monday had fallen in the worst break of the current decline and everyone anticipated that opening prices Tuesday would be down as a result of widespread margin calls...
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...