Word: stocked
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Dates: during 1940-1949
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Just after lunch on Friday last week, Wall Streeters were seized with joy. Traders in the New York Stock Exchange cheered, jumped up & down, and thumped each other. Reason for excitement: the Dow-Jones industrial average had broken through its previous high mark of 187.66 -made in 1947-as the rail average had done 19 weeks before (TIME, April 19). Under the famed Dow theory, which many traders swear by, that meant only one thing: a bull market...
...brokers flashed the word, the Stock Exchange was deluged with orders to buy. In the final hour of trading, close to $30 million worth of shares were sold; the highspeed ticker fell behind as much as five minutes...
High Tide? The why of the breakthrough was hard for brokers to analyze. There had been no rosy market news. The explanation seemed to be that investors, who had been shooed away from buying by talk of recession, had finally realized that many a stock was vastly underpriced, and that profits had a good chance to stay high for some time to come. (The tax cut had also released some investment cash...
...sell the public its 29.1% interest (1,000,061 shares) in North American Aviation, Inc. The sale, to be made soon, is in line with G.M.'s policy to get out of companies with which it has no "direct business relationship." (It recently unloaded an 18.9% common stock interest in Bendix Aviation Corp. and 344,000 shares of Greyhound Corp.) To make the separation complete, North American President James Howard ("Dutch") Kindelberger was moved up to replace Henry Michael Hogan, a G.M. vice president, as chairman of North American's board...
Would Young be able to "revolutionize" travel on the Central and "put it back on its feet" as he promised? ICC thought that whatever improvements he made in Central would not make up for the harm to other roads. Furthermore, Young's stock holdings were too small to guarantee that he could make the improvements he promised. Said ICC: C. & O. is controlled by Alleghany Corp. through an interest of only 3.34%, and Alleghany is controlled by Young through an interest of less than 1%. Young's interest in Central, "when traced down through Alleghany...