Word: backed
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Dates: during 1950-1959
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...rate of $5.7 billion, or $1.7 billion more than the early estimates. Much of the buildup was undoubtedly due to fears of a steel strike. Ward's Automotive Reports cautioned that auto dealer inventories may soon hit an alltime high of 1,000,000 unless production is cut back in late June and July...
...many men were back at work that unemployment dropped sharply in 90% of the 149 major U.S. industrial areas during the two-month period ended in mid-May. Across the land, 33 employment areas were changed to better classifications on the Labor Department's list, and 14 were removed from the surplus-labor category altogether...
...Benny had lived contentedly for years in a $7,000 frame house, saved a nest egg of $5,000 with the help of his thrifty wife. One day in 1950 Benny Hall grew restless, excited, preoccupied. For a week or so afterward, at breakfast he riffled distractedly through the back pages of his morning newspaper. Finally he confessed to his wife:"I'm interested in the stock market...
...Massachusetts Investment Trust the prudent man is Chairman Dwight Parker Robinson, 59, a prow-chinned, rock-ribbed New Englander whose family roots go far back into Massachusetts history. Tall (5 ft. 11½ in.) and lean, he guides the $1.5 billion investment of M.I.T.'s 203,000 shareholders (plus the $219 million of 67,000 investors in M.I.T.'s Growth Stock Fund) with such calm and confidence that he sleeps as soundly as he invests. As the boss of the world's biggest fund, he is the first to admit that there are no exact rules...
Robinson walked into M.I.T.'s offices and suggested that Griswold and the trustees needed a research staff to back up their own investment judgment. He had the right background. True, he had been born in Seattle, but only by a quirk of fate (his engineer father had taken his family there while working on a construction job). He was indisputably a Boston product. He had gone to Noble & Greenough and Harvard (1920), taken a dutiful fling at engineering, gone back to Harvard Business School to study finance, put in his time in a Boston investment banking house. The trustees...