Word: slumping
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Dates: during 1960-1969
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...Missouri, South Dakota. Wisconsin and Colorado read off statements abounding in such jolt words as "desperation" and "depression." Said Iowa's Herschel C. Loveless, leader of the Governors' march on Washington: Farm income dropped 29% below the 1958 level in Iowa last year, and "the farm income slump threatens the health of our entire economy." Said Colorado's Stephen McNichols: The state's "farm economy has been slipping more each year toward insolvency." Said Minnesota's Orville L. Freeman: "The continued disastrous decline in farm income must be halted and reversed...
Despite the market slump, investors did not hesitate to plunge in where they thought they saw something good. After Paul V. Shields, senior partner in the Manhattan brokerage firm of Shields & Co., announced details of the deal to merge NAFI Corp. with Chris-Craft Corp. (TIME, Feb. 15), NAFI shot up 10⅜ points during the week to close at 29⅜, lead the exchange in trading. Polaroid rose more than 6 points during the week, and respectable gains were chalked up by Texas Instruments and Ampex...
...part of the market slump has been blamed on the withdrawal of the institutions from the market some time ago. Many of them turned to bonds, short-term government securities, or cash. Last week there were signs that the institutions were coming back into the market. Massachusetts Investors Trust, biggest U.S. mutual fund, reported that it was fully invested in common stocks. The Boston Fund, which had been making "very heavy" sales of common stocks, stopped selling. Said John P. Chase, president of a Boston investment counseling firm, who manages two mutual funds and advises others with $400 million...
...inflation-wary as the Administration, the Democrats were equally earnest about piling up big federal surpluses earmarked for reduction of the massive federal debt. Rising tax rates in boom time would retire federal debt, leave more funds for private borrowing, they held. Falling tax rates in time of slump would restore private buying power, bolstered by prompt expansion of federal spending on economy-reviving programs...
...earnings for the quarter as a result of the steel strike, but all ended 1959 well ahead of 1958. Almost all railroads, whose generally sad financial plight was worsened by the steel strike's effect on business, saw fourth quarter earnings fall. But there were signs that the slump in oil may be over. Standard Oil Co. (N.J.) lifted its profit 11% for the year, made a slight gain in the fourth quarter; fourth-quarter gains were also chalked up by Phillips Petroleum and Standard Oil Co. of California. Jersey Standard President M. J. Rathbone gave the credit...