Word: millions
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Dates: during 1960-1969
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...first victims of Washington's assault on inflationary psychology are the 100 million Americans who either own shares or participate in the stock market indirectly through pension funds and mutual funds. For many families, tumbling stock prices have at least temporarily shattered some cherished dreams. Yet the market's unsettled state brings a wry kind of cheer to Washington's inflation fighters. In their rather clinical view, stock prices are much like spinach prices or durable-goods orders: an economic indicator. Because the market mirrors investors' expectations of the performance of U.S. business...
...professionals have fared no better. George Miller, senior vice president of the San Francisco firm that manages the $544 million Commonwealth Group of Mutual Funds, encourages his analysts to invest with their own cash. "Virtually without ex ception, they are losing money now," he reports. Dr. Shannon Pratt, director of the Portland (Ore.) State University Investment Analysis Center, estimates that the value of his own stocks has dropped 23% since May-a period during which the Dow-Jones industrial average has gone down 15%. He invests largely in over-the-counter stocks, which rose faster than most listed shares during...
Speed Sells. There are hundreds of additives on the market, and sales last year probably topped $100 million. The largest manufacturer is STP Corp. (for Scientifically Treated Petroleum). It had sales of only $9 million as late as 1963 -but then Andy Granatelli took over as president. Granatelli, a former racing driver, figured that if speed could sell cars and tires, it could sell additives as well. He began to offer extra cash to racers who pasted STP decals conspicuously on their cars. Motorists now buy 2,000,000 cans a week, usually paying more than a dollar...
...successful manufacturer is Wynn Oil Co., which promotes three oil additives, including "Charge!" The company was founded in 1939 by Ches-tien Wynn, a lawyer who mixed a homebrew "friction proofing" in a 55-gal. drum and sold bottles of it to local garages. Sales last year were $14 million. The Bardahl Mfg. Corp. markets 18 products in 82 countries. Its private owners do not disclose sales figures, but the company is probably third in size, behind STP and Wynn...
Last week the Massachusetts legislature appropriated $4.8 million to keep the roads rolling for another year...