Word: stockmarket
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...quick contortion, has snapshotted history almost in the flesh. Reading his readable chronicle of the 1920's you may be surprised at the number of events you had almost forgotten, more surprised to see that "the eleven years between the end of the War with Germany and the stockmarket panic which culminated on November 13, 1929" is "a distinct era in American history...
...loaned by "others." But long before this the practice was criticized by conservatives, disliked by the banks. The money market, said conservatives, was too dependent on nonbanking money. Banks saw their own field invaded, a source of big profit for them in the hands of "others." During the stockmarket panic of 1929 conservatives felt justified as the "bootleg" loans tumbled from $3,907,000,000 on Oct. 2 to $1,548,000,000 at the end of December. Loans by banks fell $1,021,000,000 in this time, would have been more had they not been forced to close...
...Stockmarket's proximity to being on a cash basis was revealed by the report of members' borrowings on security collateral. On Nov. i such loans were at a new low of 2.33% of market value of all listed stocks against 3.23% the month before. On Nov. i there were 1,284 stock issues listed on the Exchange, aggregating 1,318,586,000 shares with a total value of $34,246,649,000 or an average value of $25.97 a share...
...labor is proud of you. The dole has been much abused and we workers are tired of keeping those who will not work. . . . Yorkshire likes pluck." Leaking Secrets. British financial bills are always closely guarded state secrets until dead in Parliament. But last week there were many leaks. The stockmarket rose slightly on news that there would be no tax on bonds in the new economy bill, and that conversion of the 5% War loan bonds to a lower rate of interest would be voluntary. Beside 'the bitterly contested 10% cut in the Dole, other projected economy moves included...
...Foshay utility system (Minneapolis) which crashed into receivership with the stockmarket in 1929. To his offices at No. 36 Wall Street, George Ohrstrom called help one night last week. There came : Richard Carley Hunt, utility-experienced member of the legal firm of Chadbourne, Hunt, Jaeckel & Brown; William Buchsbaum, utility executive and sportsman; and young, heavy-set Medley G. B. Whelpley, president of American Express Bank & Trust Co. As a reorganization committee (Mr. Hunt, chairman), they hoped to have an announcement to make by the middle of September, hoped the properties might continue to operate intact. The United States District Court...