Word: stocked
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Dates: during 1940-1949
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...York Stock Exchange, the Dow-Jones industrial averages last week edged up to a high of 191.32, best since Aug. 26, 1946. Then they worried off a shade or two. After such a fast climb as they made in May (180.28 to 191.06), a spell of backing & filling was to be expected. Many Dow theorists even expected a substantial "correction...
Grey Chill. A few even imagined 1929 all over again (without the hangover). But no one put much stock in such notions. The giddy '20s were gone forever. Now there are 75% margins; a speculator has to put up more than three times as much money to buy the same amount of stock as he did in '29. Moreover, greatly increased taxes have slashed the amount of cash available for speculation; and, in addition, the 25% capital gains tax cuts deeply into any profits...
...face of these checks and dampers, Stock Exchange President Emil Schram, a onetime New Dealer with a deep-seated fear of wild speculation, was "not so sure this is anything more than a flurry." The diehards who were clinging to their bearish positions hoped he was right. Broker John H. Lewis, who had been one of the first to see the 1946 bear trend, was still seeing the market in a cold grey light. But he confessed that he was lonely. "Until a few weeks ago I had a lot of company," he said. "Now, I'm about...
...barometer, the stock market has proved none too accurate, notably in the last two years. Back in 1937, the market fall was far worse than the drop in production; since 1942, the market has been much lower-in comparison with the gross national product-than it was even in the dark days of 1932 (see chart). The Dow-Jones industrials, now earning even more ($20 a share) than they did in 1929, are selling for only half as much...
...inflated U.S. economy, Wall Streeters consider stocks generally deflated, feel that the Big Board is selling the U.S. short. Item: Standard Oil (N.J.), with indicated 1948 earnings of $16 a share, is now selling at $84-only a bit more than five times earnings. Many another stock, with years of steady dividends behind it, is paying anywhere from 7% to 11% a year in dividends (most bonds are paying only 3 to 4%). Samples: Westinghouse Air Brake, Standard Brands, Underwood Corp., American Safety Razor Corp., Cluett, Peabody...