Word: offing
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Dates: during 1970-1970
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First, stock prices plummeted. From Jan. 1 to May 26, which was the blackest day of the bear market, the Dow-Jones industrial average sank from 800 to an eight-year low of 631. During that period alone, the paper loss for securities listed on the New York Stock Exchange...
Biggest Collapse. The second shattering event of 1970 was the biggest collapse in U.S. corporate history. On June 21 the Penn Central Transportation Co., owner of the nation's largest railroad, went bankrupt. The Penn Central had long been a victim of mismanagement and executive infighting, but it was...
The Federal Reserve's prime job is to prevent just such disasters. After Texas Congressman Wright Patman, an archenemy of banks and railroads, blocked the Nixon Administration's efforts to prop up the Pennsy with a $200 million loan guarantee, the Federal Reserve moved swiftly to steer the...
The Federal Reserve Board thus narrowly averted a liquidity crisis-but not without a few tense moments. Some financially embarrassed companies had trouble refinancing their commercial paper. In one case, Chrysler Chairman Lynn Townsend flew to Manhattan and arranged a $400 million increase in the company's line of...
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