Word: stocked
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Dates: during 1960-1969
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...befits an institution that began business under a colonial buttonwood tree,* the venerable New York Stock Exchange now observes only every 25th birthday. For its 150th anniversary in 1942, trading halted one hour. It was a desultory day, with only 216,620 shares traded, and the Dow-Jones industrials ended...
...chairman delivered another lecture, this one against speculative trading by institutions. "Increasingly," said Martin, "managers of mutual funds, and portfolio and pension-fund administrators are measuring their success in terms of relatively short-term market performance. In effect, they set a target on a growth stock, attain that target, unload, and then seek other opportunities for quick capital gains." Given the size of their buying power, said Martin, such activity "may virtually corner the market in individual stocks," at the least cause undesirable price fluctuations. "Practices of this nature" said he, "contain poisonous qualities reminiscent of some respects...
After World War I, men like Jesse Livermore, Arthur W. Cutten and Bernard E. ("Sell 'em Ben") Smith preyed on the public. One bull device was the pools about which Bill Martin spoke: speculators pooled their capital, corporate connections and trading talents, and then quietly bought stock in a company. They artfully pushed up its value, suddenly sold out and let artificial prices plunge. One such pool in Sinclair Consolidated Oil earned $12,618,000 for Harry F. Sinclair and a group of cronies. Another in Radio, as RCA was then known, netted nearly...
...board of governors, and for Robert W. Haack, who this fall succeeds Keith Funston as president, is whether floor trading can be handled more efficiently by machine than by men; the exchange is considering moving to nearby New Jersey with automated equipment to escape New York City's stock-transfer tax. By its 200th birthday celebration, the speeches may well be made by computers...
Greyhound's turn to diversification began in 1962, when Chairman Frederick W. Ackerman, fearing a leveling off of bus travel, began searching for new uses of Greyhound's cash. His first bet became a bonanza. For $14.7 million in stock, Greyhound bought San Francisco's Boothe Leasing Corp., which had been earning $400,000 a year mainly by leasing railroad freight cars and locomotives. Ackerman began buying jetliners-and made money when the credit-shy airlines started cashing in on the jet age. The subsidiary's earnings have zoomed 1,300%, to $6.2 million...