Word: stockmarket
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President Roosevelt had a mild stomach ache last week when the stockmarket took its first bad tumble of the New Deal. His ailment was not due to the sudden shriveling of security values but to an excess of cherries and bottled "pop" which he had consumed during a visit to Maryland's Eastern Shore. His indisposition started crazy rumors around brokers' offices that he was gravely ill, that he had suffered a stroke of paralysis, that he was already dead and laid out (see p. 45). "Look at me!" he grinned to newsmen when he returned...
Gyrations of the stockmarket had made Coolidge the saint of prosperity and Hoover the scapegoat of hard times. Their Democratic successor professed to be completely indifferent to stocks' ups & downs. In fact President Roosevelt seemed almost glad about last week's shoot-the-chutes. He felt that values had been climbing at an abnormally rapid rate, with speculators whooping up prices for quick easy profits. This rise had hampered the progress of the New Deal. Industries, beguiled by "prosperity" stock quotations, were reluctant to submit recovery codes to Washington. A thoroughgoing deflation of overspeculation seemed wholesome and proper...
...week for $117; of how Canadian Industrial Alcohol jumped from $2.50 to $24. These were facts. But thicker flew the rumors of how this company or that planned to enter the whiskey business, reap fat profits from the fact that Americans are proverbially a whiskey-drinking people. And the stockmarket soared to New Deal highs. Standard Brands lately announced that it might make gin as of old and its stock was given a whirl. Commercial Solvents and U. S. Industrial Alcohol are definitely entering the whiskey business.* So all the chemicals were given a whirl. Other chemical companies will probably...
...Globe & Rutgers Fire Insurance Co. and demanded back the big company which the New York State Superintendent of Insurance took away from him last March. At that time securities which cost the company $73,800,000 were worth $19,900,000. Since then, said President Jamison last week, the stockmarket had been good to him. Globe & Rutgers' assets now exceeded liabilities by $10,000,000. The court pondered his plea. Wall Street wondered if Globe & Rutgers' rise did not bear out one of its pet theories on the New Deal market: ''Buy the worst stocks...
Employment. And last week though the stockmarket dipped and commodities turned soft, business continued to improve -long after the normal summer decline usually sets in. In San Francisco Amadeo Peter Giannini declared the Depression '"over." upped salaries in his Bank of America, restored dividends. In Akron the tire industry, rounding out its preparations for the National Industrial Recovery Act, topped two increases in tire prices with a 10% wage increase. In Washington the Federal Reserve announced that its index of department store sales stood only 2% under a year...