Word: brunswicker
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...Coleman, a Stock Exchange veteran of 35 years and one of its senior specialists, does not consider his job gambling. "I call it speculation," he says. "The difference between gambling and speculation is knowledge." It is knowledge of his 52 stocks, including American Tobacco, Brunswick, Motorola, and W. R. Grace, that is part of the secret of Coleman's success: what stock is likely to be in demand, and-more often than not-why. When a stock goes up, Coleman has usually laid in a supply of it in advance, and turns a profit. Conversely, he often is shrewd...
...books in which he keeps his transactions, he stands at his Post 13 on the floor each day, surrounded by brokers clamoring to buy and sell. On a typical morning last week, he had to spend $81,600 at the opening gong to buy 1,200 shares of Brunswick stock at 68 that nobody wanted. Later in the day the stock rose to 68¾, and Coleman sold some. But if the stock had gone down, Coleman would still have had to buy. To even up the odds, the specialist has privileges. Among them: he can trade on only...
...Brunswick-Balke-Collender Co., which has diversified from bowling into school and sports equipment, has been looking for a boatbuilder. It lost out on Chris-Craft Corp., the nation's largest motorboat maker, to NAFI Corp., which is controlled by Wall Street's Shields & Co. (TIME, Feb. 15). After helping to close the Chris-Craft deal, famed Yachtsman Cornelius ("Corny") Shields Sr., a Shields & Co. partner, pondered a way to see Brunswick into the boat business. As a director of the Owens Yacht Co., the nation's No. 2 builder of pleasure crafts (1959 sales: $15.3 million...
Under the contract, Brunswick will exchange two shares of its stock for each seven shares of the Owens' stock. Non-family owners of the remaining 30% of Owens stock have a chance at the same terms. Last year Owens produced more than 7,000 wood and fiber-glass boats, ranging from 14 ft. to 35 ft. and up to $18,000 in price. Operating as a division of Brunswick, Baltimore-based Owens will remain under the family's management, is expected to expand its fiber-glass-boat operations, now 40% of its annual sales volume...
...nation's biggest motorboat builder, privately owned Chris-Craft Corp., has long been considered a catch by merger-minded corporations. Both Singer Manufacturing Co. and Brunswick-Balke-Collender Co. recently made offers to Chris-Craft Chairman Harsen Alfred Smith (TIME cover, May 18, 1959). This week the prize was won by NAFI Corp. (formerly National Automotive Fibres), which has diversified into oil and television. The price: $40 to $45 million in cash. NAFI is controlled by the Wall Street brokerage firm of Shields & Co., one of whose partners is famed Yachtsman Cornelius ("Corny'') Shields Sr. (TIME cover...