Word: investor
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Dates: during 1960-1969
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When steam forced Webb to close his yards, he became an investor. In 1889, with big profits from the Pacific Mail Steamship Co. and the Panama Railroad, he created Webb's Academy and Home for Shipbuilders-the first and still the only college in the U.S. devoted solely to naval architecture and marine engineering (though comparable courses are offered by M.I.T. and the University of Michigan). Webb's bequest of $2,500,000, now grown to $8,000,000, pays 70% of the school's operating expenses. Alumni and industry make up the rest, helping...
...Dated around 1435, it was recognized by its heraldic symbols as a Book of Hours for Catherine of Cleves, noble daughter of a powerful Dutch duke. For more than a century, no one questioned its completeness. It wound up in 1958 in the Guennol collection, owned by Long Island Investor Alastair B. Martin...
...prudent investor might argue that Yale is overdue for a "big game," and that Dartmouth is bound to suffer a letdown after beating the Crimson. But late news from New Haven suggests that this is unlikely...
Dropped Napkins. The market historically drops on bad news because bad news means uncertainty about the future-and uncertainty raises the investor's fears and deprives him of a sound basis for making decisions. Usually it is the small investors who give in to instinct and drive the market down, though the normally calm professionals had a major part in the sell-off after Kennedy's assassination. Last week Wall Street blamed the public for selling again on bad news, but the public also deserved some credit for being a lot more sensible than usual in its appraisal...
Reinforcement. The U.S. investor's refusal to be shaken for long by unforeseen events reflected both his growing sophistication and his broad confidence in the future of the economy. Despite the continuance of local strikes at General Motors and a walkout by workers at American Motors, that optimism was reinforced last week by reports of rising profits, record dividend payments, and the Commerce Department's announcement that the gross national product rose by $8.9 billion in the third quarter to a record annual rate of $627.5 billion...