Word: crashes
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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...
...which began July 1, has seen a great change in the financial situation. A surplus of $122,788,966 had been predicted, but its computation did not take into account the effect of the temporary 1% income tax reduction. The President's only mention of the stockmarket crash was backhanded: "Due to the depression it is now estimated that the income of the Government in taxes and postal receipts . . . will probably fall below the anticipation." Besides, "the measures taken to increase employment . . . represent a very material increase in Government expenditures of over $225,000,000. . . . These sums . . . reduce...
Ever since the first stockmarket crash there have been stories of a "trouble-spot'' in Manhattan banking. When remedies from within fail, a sure ointment for financial and industrial troubles is a merger. Long has it been hoped that this treatment would be used to assuage the Manhattan sorespot. Recently just such a merger was rumored. Remarkable feature was that it involved the unique plan of consolidating four banks (TIME, Nov. 10 ). They were: Manufacturers Trust, with resources of $463,000,000, greatly expanded during recent years; Public National Bank, with resources of $246,000,000, a bank...
...home, or in his Pasadena colonial house, or aboard his yachts Zatna and Sialia. Chicagoans remember when he became a partner in D. A. Tyng & Co., Chicago over-the-counter house. They also remember how that firm ended in a flurry of indictments. Promoter Andrews came out of that crash unscathed. He went to Manhattan, prospered in stocks and buildings; went to Los Angeles, prospered in stocks, hotels, penny slot-machines. So greatly did he prosper that he could play the market in company with that once great bull William Crapo Durant. He became and still is a director...
Racehorse Lady Broadcast, property of Banker Rogers Caldwell, head of Caldwell & Co. whose recent crash precipitated bank failures throughout the South (TIME, Dec. 1), ran second in a race at Bowie (Md.) track on Thanksgiving Day. It was the last race in which the Caldwell colors will appear. Banker Caldwell is selling his stables, turning farmer...