Word: boom
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Dates: during 1940-1949
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What especially excited Wall Streeters were the symbols which clogged the tickers. A little more than a year ago, Exchange President Emil Schram cried out a warning against the unhealthy boom in the low-priced "cat & dog" stocks (TIME, March 15, 1943). Last week, the "blue chips" led the parade of some 245 stocks onto new high ground. A.T. & T. hit a three-year peak, while Chrysler, Westinghouse, General Motors, Du Pont and many a retail-store stock reached new highs for 1944. And the tone had changed. Grumblers had long complained that every slip of the market meant that...
...Boom in Juniors. Quietly, unspectacularly, corporate bonds moved up also-to a seven-year peak. With plenty of cash in their pockets, bond-buyers went bargain-hunting, notably in the "junior" bonds (second liens) of many a borderline railroad bailed out by the war. This made the boom in juniors the phenomenon of the year to date. Example: Illinois Central 55 (1955) hit 90 last week, up some 20 points since the first of the year...
...boom seemed to be based on the fact that U.S. railroads, in general, have sensibly used a large chunk of swollen wartime profits to buy up their bonds and slash their fixed charges. Many are in the best financial shape of their lives. Traditionally, when these bonds move up toward par, stocks eventually follow. Example: Louisville & Nashville 53 (2003), above par at 107, have fluctuated only one and a half points in a year; the road's stock has soared 20 points...
...went to work for Minneapolis' Northern Pump Co. Four years later he bought the company, with $100,000 netted by more inventions. By 1938 he employed 200 workers, making hydraulic pumps and Navy equipment. Then the defense boom buried him under an avalanche of Navy orders. He enlarged his plant, but it was still too small, so he sold it to General Mills for $1,000,000. Then he formed a new company, Northern Ordnance, Inc. (with all stock owned by Northern Pump), and shopped around for plans for a new plant outside Minneapolis. He was told it would...
...first British criticisms of the plan concentrated on the improbability of the Government's recognizing a boom or a depression, and then taking the proper steps in time; and on the likelihood that the means proposed would be inadequate...