Word: stockings
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Dates: during 1920-1929
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Still inoperative last week, United Stores Corp. seemed almost certain of passing out of existence as a new consolidation of United Cigars Co., Tobacco Products Corp., Gold Dust Corp. interests appeared. This time the Morrows and others acquired majority stock holdings of the tobacco companies, whose assets amount to some $200,000,000. At a directors' meeting George K. Morrow was elected President and Board Chairman of both companies, Mr. Whelan was retained on the directorates...
...Most obvious seemed the desire to bring new financial power into United Cigar Co. and Tobacco Products Corp., whose earnings were depressed as a result of price lowering of popular brand cigarets to compete with price-cutting chain stores. From a high this year of 27 3/8, United Cigar stock had dropped last week to 15 5/8. Likewise Tobacco Products Corp. experienced a drop, from the year's high of 22 5/8 to a closing last week...
...maxim used to be that a stock should sell, other things being equal, for about ten times earnings. The maxim now says "15 times earnings." This is known as Raskob's Rule, because one day in March 1928, John Jacob Raskob, then finance director of General Motors, walked up a gangplank on his way to Europe and remarked that 15-times was a proper modern ratio-that General Motors ought to have been selling at that time...
Since Raskob's Rule came from a motor-maker, quidnuncs laughingly pointed to automobile stocks as they studied belated earnings reports for the first six months of 1929. Though many another stock was up to 20, 25 and even 30 times earnings, only three prominent motor stocks were selling at "15 times" or more. Many were below the ten times ratio even in the bull market of 1929. The following table shows recent prices of a number of representative automobile stocks and the price they would command at "15 times" according to first-six-months reports...
...chance or otherwise, the day after Col. Lindbergh inspected Packard products, old issue Packard stock went up 7¼ points on the New York exchange; new issue Packard stock rose 1⅞ points...