Word: funston
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Dates: during 1950-1959
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...CAPITAL NEEDS by U.S. corporations will amount to a "staggering" $375 billion if the U.S. is to reach the economic levels projected for 1965, says New York Stock Exchange President Keith Funston. Of the total, U.S. corporations will get $215 billion from their own retained earnings and tax-depreciation allowances, will have to raise the rest through new securities...
...Funston worried about a market break? Not at all, said he. "I bought some stocks in January and February, and as soon as I get some more savings, I'm going to buy some more...
...Funston also suggested that the capital-gains benefits now accorded home buyers be extended to stock buyers. If an investor sold stock and put the money into another stock within six months, the capital-gains tax should be waived, as it now is for home buyers...
Indiana's Republican Senator Homer Capehart decided to get in a few political licks: Did Funston agree? Funston neatly dodged the question. Said he: "I would agree it shows confidence in the future, but what the exact reason is, I don't know." Fulbright wanted to know if the exchange's campaign to get more investors in the market was not "inflationary" in that it contributed to the shortage of stocks. The object, said Funston, was not to persuade people to buy but "to create a climate where our members can sell stocks." To the "two miracles...
Good Climate. Even at present levels, said Funston, the market is not too high. Stock yields now average 4.3% v. 3.3% in 1929; stock prices, in terms of 1929 dollars, have risen but 68% in a period when the size of the U.S. economy has doubled. Furthermore, the market today has little of the speculative froth of the past; only 1.1% of the value of the listed issues is held on margin...