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...Lehman Brothers International (a former Undersecretary of State and a possible Democratic Secretary) agree with William Spencer of Citicorp that "the political boundaries of nation-states are too narrow and constricted to define the scope and sweep of modern business." They sympathize with the desire of Carl Gerstecker of Dow Chemical (a former America-Firster) to establish his company's headquarters on an island under the sovereignty of no nation...
...federal funds' rate last week eased up from 5.02% to 5.28% -a signal to some economists that the money supply is tightening. Wall Street has been displaying an almost panicky fear of a further rise: worry about the possibility of higher interest rates is a major reason the Dow Jones industrial average keeps dropping back below 1000 every time it reaches that mark (it closed last week at 990.75). But even the rise in those rates that have turned around is barely visible on charts...
Continuing its high-level holding pattern of the past three months, the Dow Jones industrial average last week came close to a three-year high of 1011 before settling back a bit to close at 992.6, down 3.62 for the week. But by several other measures the market is not particularly high at all-nor has it risen fast enough this year to make many investors feel rich. For example, a recent compilation by Smith Barney, Harris Upham & Co., a Manhattan brokerage firm, shows that 80% of the stocks on the New York and American exchanges are selling...
...stocks on the New York and American exchanges were selling for less than five times earnings. Now only 9% are-a slight improvement. But the proportion of stocks selling for more than 20 times earnings has actually dropped since January, from 18.2% to 16.7%. The 30 Dow Jones industrials now sell at an average P/E of 13.1, up from 12.9 at the start of the year but well below the 1971 high...
...growth or "glamour" companies, would keep on rising rapidly forever-so that almost no price was too high to pay for the prospect of sharing in future earnings. Before the crash came in 1973-74, P/E ratios of growth companies had been bid up to stratospheric levels that the Dow Jones P/E average never came close to matching. One index of 15 glamour stocks hit an average P/E of 47.4 at the end of 1972; two years later it was down to 14.7, and it has now recovered only...