Word: record
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Dates: during 1950-1959
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Income Up. Equally good recovery news was the fact that personal income in September rose to a seasonally adjusted rate of $357.5 billion from $356.1 billion in August. This third consecutive record-breaking month made certain that 1958 would surpass 1957. For the first nine months of 1958 personal income has run at the rate of $351.6 billion, v. a rate of only $347.5 billion in 1957. Wage and salary disbursements in September rose $40 million to a rate of $239.1 billion...
CIGARETTE SHIPMENTS, up 3.6% so far this year, rose to all-time high of 39.6 billion in August, topping earlier record 39.1 billion in August 1950, during Korean...
Wall Street last week made some history and some hysteria. On the opening day of trading on the New York Stock Exchange, industrials continued their rise to record highs, and utilities touched their highest since Sept. 23, 1930; three times the tape fell behind. Next day the market turned right around and headed down, falling 4.23 points on the Dow-Jones industrial average. Not since President Eisenhower's heart attack in September 1955 had the market seen such heavy trading. As 5,110,000 shares changed hands, the tape fell behind seven times, once as much as 15 minutes...
...after the market closed, the Federal Reserve Board raised margin requirements from 70% to 90% (buyers must put up 90% cash on their stock purchases), the highest requirement in eleven years. The Fed said it was alarmed by the rise in public borrowing to buy securities (which reached a record $4.3 billion in September), wanted to protect the public from getting in too deep. Actually, the public, i.e., small investors, has been getting out of the market since June...
...evaluate them which simply disregards the present. Said Edmund W. Tabell, top market analyst for Walston & Co.: "What an investor must do is take an average of earnings over the past five years [$32 for the industrials], measure it against projected 1959 earnings [now being quoted at a record $40], and come up with something in between. What happens? By overlooking 1958 earnings, you are not really paying 18 times earnings at today's prices, but only 15 times earnings, which is a reasonable ratio in a business recovery." Tabell's prediction: the market will...