Word: panic
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Dates: during 1940-1940
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Excitement over fifth columnists mounted almost to panic. The Ontario Liquor Control Board officials canceled licenses for the sale of beer and light wines in all German-Canadian clubs; from Vernon, B. C. came reports of the bombing of a Canadian Legion Hall; in East York one thoroughly aroused businessman, offering the Veterans' Home Guard his full cooperation, put at their disposal his entire fleet of 30 milk trucks...
Prices were steady, to be sure, but volume was a meagre 3,512,000 shares for the week, in contrast with 17,100,000 shares during Panic Week I, 10,378,000 shares during Panic Week II. Traders, with time to look around, saw plenty of bargain price tags on stocks which a National Defense boom might turn into big earners, but a $20,000,000,000 drop in security values in three weeks had beaten all the buying power out of them...
Meanwhile, war panic had practically shut down the market for new capital...
...Captain Eddie Rickenbacker's Eastern Air Lines came to the market May 27 via Smith, Barney & Co. (which is still licking the wounds left by the ill-fated Pure Oil issue in the 1937 bear market). In April Eastern had gone up above 44 on the big pre-panic move in airline stocks, early in May was still there. The new issue offered 110,909 shares to stockholders at $32 when it was around 39 on the market. Last week, as Eastern was traded in the market at around 32,104,545 shares unsubscribed by stockholders were publicly offered...
...been in the works for some time, were postponed indefinitely. One of the first and biggest of these was Indianapolis Power & Light, which had successfully floated new common stock in April (TIME, April 15), was ready to refund $32,000,000 of 3¾% bonds just as the panic began. Lehman Bros, put the issue back on ice. W. C. Langley and Halsey, Stuart did the same to $12,660,000 of mortgage bonds of Iowa Southern Utilities. Other long-planned issues, postponed...