Word: stockmarket
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...change last week the stockmarket went up. It was no whooping rally; the Dow-Jones industrial averages showed a net gain of less than 3 points for the week. Daily trading on the New York Stock Exchange never reached 1,000,000 shares.* Yet Wall Street had what Owen D. Young calls a "feeling in the seat of the pants" that the market had turned a corner. From a recovery high early in March to their low in June the Dow-Jones industrials dropped approximately 15%, from 194.4 to 165.5. By last week they were back to 172.2. Mercurial shifts...
While war talk is a stockmarket depressive it is always a shot in the arm for the grain market. As the bumper U. S. wheat harvest rolled north last week, the red cereal soared to a high of $1.26½ per bu. on the Chicago Board of Trade, registered a net gain of 10? for the week. Even more important than war talk was the disastrous failure of the wheat crop in Canada, where drought & rust in the past few weeks have cut 150,000,000 bu. off early estimates of the Dominion's harvest...
...gasoline. In his day kerosene for household lamps was a utility, and public resentment of its monopoly closely paralleled the later hatred of the Power Trust. But Mr. Rockefeller was never accused of writing up assets or watering stock. When the "splinters" of old Standard Oil filtered into the stockmarket after the Trust's dissolution, they were whooped skyward on the sudden realization that the value of the operating properties had been understated by hundreds of millions. As an efficient, consistent money-making machine, the Standard Oil organization has never had a peer...
Having watched the stockmarket hit its fourth bottom without a heartening rally last week, Wall Street began to lift an anxious eye to the general business picture. Was the stockmarket forecasting another slump? Pooh-poohing the "harvest of gloomy warnings," Cleveland Trust Co.'s Leonard P. Ayres observed last week: "The declines in stock, bond and commodity prices are not astonishing. They were all overdue, for prices had been marked up overly fast by speculation. . . . Probably the chief cause of our worries is that most of us have forgotten that even during recoveries there are no such things...
Another explanation of the drooping stockmarket arrived from Britain last week in a fortnightly letter published by Silverston & Co., London brokers. Written by W. B. Burton-Baldry. a genial Silverston partner who sprinkles his work with classical quotations and likes to spend his vacations in the U. S., the letter suggested that in view of the fact that the London Stock Exchange had just enjoyed the worst three-week break since the War, Britain could do worse than get itself an SEC. Wrote sarcastic Broker Burton-Baldry...