Word: stockmarket
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...usual, Secretary Mellon also reported on the economic welfare of the nation. This was his version of the great 1929 stockmarket crash: "During the last half of 1929 very marked changes occurred in the business and credit situation. Industrial production, which had reached record high levels at the middle of the year, commenced to decline in July. . . . Security prices commenced to decline in September. At the same time the volume of loans to brokers continued to increase with exceptional rapidity, a fact which . . . was evidence of a movement of securities . . , from stronger to weaker hands. . . . The security market was further...
Chairman Shouse was given credit for this shrewd economic plea as an opening gun of the 1932 presidential campaign. Only thing that worried the Democrats in the aftermath of their victory was the way the stockmarket sagged lower and lower...
...richly was Joshua S. Cosden, head of Cosden & Co. He had vast estates in Palm Beach and Long Island, entertained lavishly, followed horses as well as stocks. His wealth was estimated at $50,000,000. Surely his expenditures lent veracity to this figure. But after heavy losses in the stockmarket he lost control of Cosden & Co. which became Mid-Continent Petroleum Corp., was reported financially down & out. Three years later his friends financed a projected comeback. He moved from Manhattan to Fort Worth, energetically entered the oil industry through the new Cosden Oil Co. in which he had been given...
Philadelphia & Reading Coal & Iron Corp., known to stockmarket traders as PRC, is a holding company formed in 1923, marking the complete segregation of Reading Railroad's coal properties. For the first few years after 1923, it is safe to say that PRC's bankers, Drexel & Co., were not especially proud of these properties. Production fell off, profits came hard, sometimes did not come at all. In the opinion of coalmen, statisticians and investors, PRC was definitely on the downgrade. Now Drexel-Partner Newhall is very apt to feel proud when he points to PRC maps. A noble experiment...
...stockholders of Montgomery Ward & Co. who were expecting, counting on their 75? common dividend due for declaration last week were rudely disappointed. The directors met and voted to keep that $3,465,576 in the bank. This notable dividend failure did not surprise many stockmarket traders, but revelation of the company's losses so far this year did, and the stock sank to a low of $19⅝, making its deflation as drastic as that of Simmons Co. In the past, Montgomery Ward have issued only yearly statements. Last week they disclosed the results of each quarter as follows...