Word: overstraining
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Dates: during 1960-1969
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Bedlam. In the over-the-counter market, which operates by telephone, the pace grew frantic enough to overstrain physical facilities and disrupt trading. "It's absolute bedlam," said one dealer whose entire switchboard lit up at once. "We just pulled all the cords out and started fresh." Other brokers encountered long delays reaching marketmakers. Such tie-ups often hurt investors, as prices rise before their orders can be placed. Goodbody & Co. stopped giving quotations and White, Weld & Co. halted its over-the-counter operations an hour before the new and foreshortened 3:30 p.m. official closing time. Despite...
Temporary Overstrain. There was increasing speculation in Washington that the prospective sharp rise in defense spending (to perhaps $61 billion next year) will mean a federal tax boost (see THE NATION). Short of that, some of Lyndon Johnson's advisers are toying with the possibility of higher income-tax withholding, which would remove spendable cash from private hands at once. Their estimate of the size of the U.S. economy for 1966 has grown and grown-from a gross national product of $710 billion to $715 billion to the present $720 billion-and so has their concern that the combination...