Word: raskobs
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...went over to the General Motors Building to telegraph Mr. Hoover and say goodnight to Mr. Raskob. John William Davis was there, smiling. "We're used to it," said Mr. Davis. "Maybe 25 years from...
...John J. Raskob, cheerful, used to vicissitudes, perhaps something of an opportunist, said: "... we ... shall take our place in the ranks of the majority of American citizens whose desire is the future welfare of our country." He was not to return to General Motors. Perhaps, said rumor, he would head a bigger & better motors combine, with du Ponts in it. Perhaps he would retire to his bayside estate among his children, farms, sailboats...
John Jacob Raskob has been both bull and bear. His most bearish moment was on the eve of the bankers' convention (TIME, Oct. 15), when he observed that "security prices have far outrun demonstrated values." His most bullish moment was on the eve of his sailing for Europe last March, when he predicted new records for General Motors, observing that the stock should sell at 15 times its earnings, or $225 a share...
Time graciously justified the Most Bullish Moment. General Motors did set new records, did eventually climb to a tantalizing 224⅛. But by the time the stock had reached Bull Raskob's figure, earnings had also skyrocketed. Last week, when President Alfred P. Sloan, Jr. announced quarterly profits of $79,266,639, nine months' profits of $240,534,613 (record for any corporation in peace time), investors hastily calculated values. In nine months, General Motors had earned $13.42 a share. Expected earnings for the full year raised the figure close to $18. Bull Raskob's formula...
Nine months' earnings of U. S. Steel totaled $140,015,494, or $8.17 a share. Expected earnings for the full year would be about $11. By the Raskob formula, the stock's value should approximate $165. Actually, U. S. Steel closed on the stock exchange, last week...