Word: unsounded
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...Congress and operative after July 1. Attorney-General Mitchell had advised him that the proclamation was mandatory. Based upon a "scientific" estimate of foreign contributions to U.S. native stock in the past 140 years, national origins is viewed with alarm by President Hoover, who believes its basic statistics unsound. But said Mr. Hoover: "I naturally dislike the duty. . . . But the President of the United States must be the first to obey the law." An effort will be made to repeal national origins in the special session of Congress, if the President mentions it in his message...
...bank examiners issued no premature estimate of possible losses. City Trust Co., with its main offices and four branches, had deposits of $7,300,000. Its president, F. M. Ferrari, had died Feb. 2. There followed rumors of bad investments, of unsound conditions. It will be months before definite announcement of settlement will be made. Meanwhile depositors have only the comfort of knowing that their demands will be satisfied before those of stockholders...
...55th birthday he had said goodbye to Albany, given Governor Franklin Roosevelt his blessing, left the capital while a band played "Laugh, Clown, Laugh." Then back to Manhattan he came, checked in at the Biltmore, began the theoretically obscure existence of a private citizen. The theory, however, proved unsound. Newspaper men, camera men, came to the Biltmore. They came to the Prudence Building, Madison Avenue and 43rd Street, where Mr. Smith had opened an office.* They wanted to know what Mr. Smith was going to do now. Annoyed, Mr. Smith said that he had no announcement to make, that...
...found the U. S. financial world in a depressed condition, with call money bringing 25% to 30%. Interested, able, he wrote an article showing the unsound condition of U. S. banking, likening the U. S. banking system to European banking during the Renaissance. Seeing no chance of publishing a critical essay written by a stranger, an alien, he put his paper in a desk-drawer, where it remained for four years. But in 1907, on the advice of Professor Seligman of Columbia University, he brought the article up to date, sent it to the New York Times...
What caused the collapse? The immediate inciting force appears to have been "tight" money. Loans to brokers had advanced to $5,394,590,000. Call money had climbed higher and higher until it reached 12%. At this point, apparently, the market, so long inflated, suddenly realized its unsound condition. Once the decline had begun, there was nothing to stop it. Indeed, as it continued, forced selling by many small operators with dwindling margins accelerated its fall...