Word: arrowing
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Dates: during 1930-1939
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Primping. Three weeks ago the New York Stock Exchange, primping itself for Federal inspection, took the unprecedented step of warning its members that Pierce-Arrow Class A stock, then selling at $3, was out of line with Pierce-Arrow preferred selling at $17 (TIME, Oct. 30). Both were to be converted into new stock, and the preferred was worth 32 times as much as Class A on the exchange basis. Reason for the relatively high price of Class A was that some traders had carelessly sold it short and found difficulty in getting it to deliver, since much...
...Committee of Business Conduct spoke, in fact, about the price of two stocks-Pierce-Arrow Motor Car Co. preferred and Pierce-Arrow Class A. Under a recapitalization plan launched soon after Pierce-Arrow was segregated from Studebaker (TIME, Sept. 4), both of these old issues are exchangeable for a single new issue of Pierce-Arrow common-but in different ratios. The holder of one share of old preferred will receive 3.2* of new common; the holder of one share of old Class A will receive one-tenth of a share of new common. Thus in terms of new stock...
...Pierce-Arrow but Peerless Motor Car Corp. jumped into the beer business last summer...
...Board, however, the Class A was selling at about $3 a share and the old preferred around $17-or less than six times. It was this discrepancy that the Stock Exchange asked its members to point out to any customers who intended to buy or sell Pierce-Arrow stocks. But the Exchange did not say whether the old preferred was too low or whether the Class A was too high. Fact was that the new common was selling at about $5 a share on a when-issued basis, which roughly justified the price of the preferred...
...rope of roads and railways clear across China at a cost of $50,000,000 gold. It might start from Peiping, dangerously near the Manchukuo border and greedy Japanese eyes; or it might cut southward through the mountains along the Yellow River basin. It might arrow straight west from Nanking to Shensi Province and thence along the overgrown track of the ancient Great Highway to Sinkiang. It might skirt Mongolia, drive monotonously over the wind-marcelled sands of the Gobi, end in the basin of the Tarim River which drains futilely into a marsh. Part of the project...