Word: investors
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Dates: during 1950-1959
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...Many an investor does not realize how expensive industry's expansion has become. International Business Machines Corp., for example, had gross returns after taxes of $35.10 per share last year, paid out only $3.80 per share as cash dividends; of the remaining $31.30 per share, $20 was charged off as depreciation, $9.30 was retained as cash, and another $2 per share went to pay interest on IBM's debt. In years past, U.S. manufacturing corporations were able to finance most of their expansion by retained earnings, had a relatively small debt to worry about. But today so many...
...airlines' biggest problems is the virtual impossibility of getting equity capital when profits are falling. Warned Benjamin Clark, general partner of Manhattan's White, Weld & Co.: Unless the air-transport industry can earn the favorable opinion of investors, and in particular of the professional investor, "either the industry's progress will stop or the taxpayers will have to subsidize it again." So far are investors from that state of mind right now, said Clark, that "we can visualize the industry, even with reasonably good luck, being able to generate only $227 million of the $610 million still...
...expert's guess. Wall Street was still filled with bears who considered the stock rally only temporary, to be followed by a further decline to 400 or 380 on the Dow-Jones average. They talked of "technical factors," deterioration in investor confidence, and a downturn in business, disregarded plans for bigger defense spending and the chances of an unbalanced budget next year (see NATIONAL AFFAIRS). Just as it took a long time for the market's optimism to turn to pessimism, say the bears, so it will take time-perhaps six months or a year-for the market...
...chairman of the Board of Governors of the New York Stock Exchange. "As a matter of fact, it's good." The facts showed that business, moving at historically high levels, was indeed far better (see below) than business sentiment. Yet Wall Street, which likes to talk of the investor's lack of knowledge, could blame itself for much of the gloom. From brokerage offices have poured forth a flood of market letters, rumors and reports that painted the current economic picture in unwarrantedly pessimistic colors...
...continuing market decline was due in part to gloomy news from the unstable Middle East, but most traders thought that a far more disquieting factor was an increasingly bearish view of business prospects in the eyes of many an investor. Business is still rolling along at the highest level in history; jobs were at a steady peak in September despite layoffs in the aircraft industry (see below); and retailers were predicting record sales for the rest of the year. Yet there was enough disturbing news on the nation's economic front last week to reinforce fears that...