Word: stocking
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Dates: during 1940-1940
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...Hitler's war against the West was too frantic, and passed too quickly, for its real effect on U. S. business to become visible. But the first impulse of many a U. S. businessman was to get liquid and cancel his commitments. A selling panic hit the stock and commodity markets. But Hitler's victories also started a U. S. National Defense boom towards the blueprint stage...
Wall St. For World War ll's first eight months, the New York Stock Exchange refused to get excited. Speculative animal spirits in the first week of September carried the Dow-Jones industrials average up to only 157.77-below sodden 1938's high (158.41). From then till the first week of May, the market dispiritedly backed & filled between 155 and 145. By staying horizontal, the market earned great forecasting kudos. If U. S. businessmen had followed it, they would not have permitted production to jump out of line with expectations, and might have avoided 1940's corrective...
...holding of international securities ($1,076,000,000 in the U. S. alone); the last bundle of engraved paper to be rescued was lugged from Amsterdam by a British officer who pushed off from Ijmuiden to England in a commandeered motor boat after Amsterdam had fallen. Gone was her stock of diamonds: the last store, worth several million dollars, was snaked out of Amsterdam to London by a diamond merchant after the terror had struck...
...Montgomery Ward & Co., Inc. took one look at the markets (where Ward com mon closed the week at 37!) and pigeon holed plans to sell a $31,000,000 issue of common' stock, at $40 a share...
...Delaware corporation named Trans port Co. for permission to consolidate over 20 Atlantic seaboard trucking firms (employes 30,000; total '39 gross, $40,000.000) into one $25.000,000 firm. The deal: Transport Co. to buy the truckers for about 75% cash, balance in common & preferred stock of the new company. ∧ Be-goggled Detroiter Emmett Francis ("Spike") Connely, head of First of Michigan Corp., became first paid president of conservative Investment Bankers Association. Rumored maximum salary: $40,000 a year. He authored and will promote I. B. A.'s new publicity program, tell the public that New Deal...