Word: bullish
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With production heading higher, unemployment dropping and profits climbing, businessmen by all rights ought to be bullish. Quite the opposite: last week brought two new signs that they are still deeply worried. The stock market, that sometimes distorted mirror of investment hopes and fears, tumbled 22 points, as measured by the Dow Jones industrial average, to a 34-month low of 753. And a McGraw-Hill poll of executives in eleven industrial countries found U.S. businessmen second from the bottom in confidence about the future. Only profit-pinched Belgian managers were more apprehensive...
Judging by his past record, that bullish view may be a trifle myopic. In 1975 Pharaon bought control of Detroit's Bank of the Commonwealth, a rickety go-go institution that had been saved from bankruptcy only by the intervention of the Federal Deposit Insurance Corporation. Despite much talk of expansion, Pharaon in 1976 sold his interest in that bank to a Paris-based company. Nonetheless, he professes great faith in the U.S. banking business. Last September he bought 20% of Houston's Main Bank, in which former Treasury Secretary John Connally is a stockholder...
Surprisingly, though, Chrysler, which has lagged in bringing out new cars since it introduced the Valiant in 1960, has gone further and faster toward front-wheel drive than anyone. Its executives are the most bullish of all. Says Executive Vice President R.K. Brown: "In five years, when the entire industry will have spent $50 billion to rebuild an entire new fleet of cars for the North American public, people will look back and say it all started with Omni and Horizon." These are two snappy, speedy, lightweight cars that Chrysler is now showing off to the press, and will...
Hobie McNatt, the protagonist of John Sayies good and sometimes brilliant second novel, is a runner. Literally, he is a flanker on the football team of his small high school in southern West Virginia coal country. Hobie has speed to burn. Folks remember him as not as strong and bullish as his brother Darwin McNatt, whose fatigue jacket he always wears--Darwin, the boy who hung up his pads to join the army, and came back from Nam a little wacky. But when Hobie is cutting and stepping on the gridiron people scratch their heads and wonder when...
...industry; Merrill Lynch for its leadership of the industry and First Boston, Inc. for its strong position on the institutional side. Merrill Lynch is preparing its own report on the industry, and it is likely to be gloomy. The TV ads will continue to proclaim that "Merrill Lynch is bullish on America," but the firm is less than bullish on its own industry and, by implication, itself...