Word: boomlets
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...latest British boomlet was touched off by shipping shares. It was bolstered by Prime Minister Churchill's promise fortnight ago that a plan for postwar steel houses would mean heavy orders for the steel industry. And then it soared after the reluctant admission of Sir John Anderson, Chancellor of the Exchequer, that the cost of living must be allowed to rise five points. Thus, by plunking cash into the market, Britons could hedge against wartime inflation and bet on postwar prosperity. Added inducements: no double tax on dividends, as in the U.S., no capital-gains tax. Underlying all this...
...have not sought the office nor do I seek it," which presumably still left him free to accept a Presidential draft. Perhaps after the unauthorized publication of the General's letters to Nebraska's New Deal-hating Congressman Arthur Lewis Miller (TIME, April 24), his Presidential boomlet had collapsed irreparably...
Character. But what really pleased Wall Streeters was the "character" of the market. For more than a year every boomlet has been touched off by heavy buying in $1 to $5 cat-&-dog stocks, fourth-grade foreign bonds, etc. (TIME, March 15, 1943 el seq.). This time the dogs were still in demand, but there was heavy blue-chip investing. Du Pont, up six and a half points to 148, hit a new 1944 high; General Motors, A.T.&T. and Johns-Manville ticked off new highs, and a lot more long-neglected topnotchers did almost as well...
Farm equipment and manpower shortages, gas rationing and a host of other wartime worries have put some brakes on the farmland boom market up to now. The real danger in the 1943 boomlet is that too many farmers might decide to take a flyer in land for speculation's sake and not for the land's produce. Against that psychology, if & when it arrives, the U.S. farmer's best weapon will be a long memory...
Equitable and Mutual are the No. 4 & 5 insurance companies. If the first three-Metropolitan, Prudential, New York-should follow their lead, the investment banking business would be in for a long-lost boomlet...