Word: stockmarket
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Able theorizer Col. Leonard Porter Ayres of Cleveland, stubbornest bear, again prophesied a market break. Last summer (TIME, July 23) Economist Ayres saw the stockmarket as "a great national bet against the continuation of high interest rates, and since the Federal Reserve authorities can hardly reverse their policies . . . the decision will probably be against the stockmarket with ... a serious decline in stock prices before the end of the year." With only six weeks of the year left, Economist Ayres last week failed to mention the Federal Reserve, was far less emphatic, based his bearish innuendoes on precedent. He noted...
Never during the campaign did Wall Street seriously entertain the possibility of Democratic victory. At the last, confidence in Republican success held the stockmarket firm, gave particular strength to public utility stocks. In the pre-election session, Commonwealth Power advanced 2½ points to a new high of 89⅜. Close behind were Columbia Gas, Consolidated Gas, American and foreign power...
Thrifty v. Shifty. Most blistering in his attack on the stockmarket was Col. Leonard Porter Ayres of the Cleveland Trust Co. To the convening bankers he said...
...sober era is not going to be easy. The American people are in a mood of invincible optimism. Three years ago they were speculating in Florida real estate and finally that bubble burst. They then speculated in urban real estate. . . . Now they have turned to the stockmarket, where prices of the stocks of mail order houses, chain stores, motor companies and soft-drink firms are selling on a basis to yield half as much as the obligations of the U. S. government...
...experience of the past points clearly to the conclusion that prices are too high and must come down. . . . However, our concern is not about what may happen in the stockmarket...