Word: oils
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Dates: during 1960-1969
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...down 35%, and many other stocks have lost 50% or more of their value. The plunge has hit nearly every industry. From their 1969 peaks, shipping stocks are off 46%, airlines and motion pictures 40%, aerospace 39%, sugar companies 38%. Losses are only slightly less among coal, copper, textile, oil and insurance shares. Most of the leading conglomerate corporations have dropped disastrously: Litton is off 43%, Gulf & Western 50% and Ling-Temco-Vought...
...issue of a computer manufacturer at 5. When the stock dropped to 21, his loan was called, forcing him to sell. Altogether, he lost about half of his $2,000 investment. Sylvan Fry, 53, a manufacturer's agent, began investing for the first time last winter, buying oil, chemical and computer issues. On paper he has already lost $6,500 of the $11,400 that he started with. George Ratliff Jr., 39, a Pittsburgh steel-company engineer, began 1969 with a portfolio worth $16,900, has seen its value drop $2,500. He describes himself as a "fundamentalist...
Growing Worry. Anxieties are growing among investors who are old enough to remember the 1929 crash and the Depression. A 49-year-old Akron trucking executive has lost only $1,000 on a $20,000 investment in four blue chips-U.S. Steel, Ohio Edison, Goodyear and Standard Oil (Ohio). "But I had a fear of the market from the start," he says. "So do most people who saw their families struggle through the Depression. Now I feel like digging a hole in the backyard and burying the dough...
Disheartening Earnings. The stock market faces some problems it did not have in 1966. Investors are worried about the likelihood of higher taxes on capital gains and a reduction in the oil-depletion allowance (see THE NATION). Corporate profits are another disheartening factor. Earnings remained at record levels all through the 1966 market slide. This year most companies reported rises for the second quarter, but there have been some major exceptions, notably in steel, autos and airlines (see following story). Compared with the second quarter of last year, earnings fell 17% at Kaiser Industries, 17% at General Motors...
...impact of Japan's industrial machine, the fastest growing and now the second largest in the non-Communist world, is felt in every corner of the earth. In Europe, businessmen simultaneously worry about competition from Japanese goods and depend on Japanese-built supertankers to move Mideast oil to them despite the 26-month closing of the Suez Canal. In tiny mountain towns of Western Canada, long-unemployed miners are going back to work to dig the coal needed to fill a new $600 million order from Japanese steel mills. Ideologically impartial, Japanese industrialists trade with Peking and Taiwan...