Word: stockmarket
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Rounding out a two-month decline last week, the stockmarket settled to new lows for the year, wiping out on the average all gains made since last summer. From a March high of 194.4 the Dow-Jones industrial stock averages showed a drop of some 27 points. Three times the market has rallied but each time the rally petered out, each time a fresh wave of selling carried prices lower than before...
...later speech explaining its genesis. Inspired by the over-complexity of professional economists on the subject of the business cycle, the original Dawes plan was to reduce the last three big depressions to their simplest terms, draw parallels for the current guidance of businessmen. Putting the months of the stockmarket crashes of 1873, 1893 and 1929 on one baseline, he superimposed charts of durable goods activity for the following ten-year periods. In each of the earlier depressions pig iron production & prices began to recover exactly five years and six months after the crisis. Banker Dawes placed his bet accordingly...
...opposite end of the earth, the Union of South Africa, whose stake in gold is the world's heaviest, was agitated not by excited prospectors but by the prospect of a gold collapse. The Johannesburg stockmarket has already had one panicקast month when rumors flew that the U. S. was about to reduce the price of gold from $35 to $25 per oz. So bad was the break in gold shares that an investigation was loudly demanded in the House of Assembly with the big mining companies accused of manipulating their own stocks. "Absolutely absurd and fantastic," cried...
...world-wide break in commodities which left copper 1½? below its 17? -per-lb. high, lead off 1¼? (high: 7¾? per lb.), rubber off nearly 3#162; (high: 27#162; per lb.), wheat off 6#162; (high: $1.45). Most other staples tumbled proportionately, while the stockmarket took the deepest dive in nearly three years. At week's end such speculative stalwarts as U. S. Steel, Johns-Manville, Air Reduction, Anaconda Copper, International Nickel, International Harvester, were selling from 10 to 28 points below their 1937 highs...
...small part in the stockmarket break was played by the week's premier rumor -that the Treasury was about to cut the price of gold, now $35 per oz. One of the oddities of the New Deal's monetary legislation is that only the President has power to change the official gold content of the Roosevelt dollar, and then within fixed limits (50% to 60% of the Hoover dollar). Its present value is about 59#162; , so that its theoretical value could be revised in only one direction-down, which would indicate higher gold prices, not lower...