Word: stockly
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Dates: during 1950-1959
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...news of American Telephone & Telegraph Co.'s decision [to split its stock] not only hit Wall Street like a bombshell, but it hit me the same way. All I've ever heard about A.T. & T. and New England T. & T. has been that they're losing money and rates have to go up. As a lifetime consumer, may I now expect a reduction in rates...
...immediate future are flimsy." At first reading there was indeed cause for worry. By tradition Canada follows the U.S. economy, and signs seemed to indicate that she would follow the U.S. into recession. Factories were on short time, unemployment was climbing toward a postwar peak, and the stock market was a growling bear, with prices near the lowest levels in a year...
...showed a 30.5% drop in six-month earnings. The new investors were looking at other values. As steel dropped to 47.1% of capacity in April, Bethlehem Steel, the No. 2 producer, failed by 8? to make its 60? first-quarter dividend. But Bethlehem confidently paid the dividend, and the stock climbed 5⅛ points...
...year's end some Wall Street professionals worried that the Bull had overreached himself, that the market had gone too high too fast. A few years ago, a stock that was selling for 15 times its earnings was considered expensive. At year's end the price-earnings ratio for industrials on Moody's index stood at 21, and for many stocks it was much higher, e.g., IBM is selling at 47 times earnings. Viewed at current earnings, the market may indeed be too high, reflecting a hedge against more inflation as well as a hope of sharing...
...Country Cousin. Morgan & Co. has left the elder Morgan's imperiousness far behind. It is a publicly held corporation, owned by 2,070 stockholders who saw their stock rise from $345 to $395 in the over-the-counter market when the merger news was announced (one share of Morgan for 4.4 of Morgan Guaranty). Under able Chairman Alexander, the bank has made no bones about its competitiveness, trains young men nicknamed "bird dogs" to go out and hunt for business. For the Guaranty Trust, one of the impelling reasons for the merger was to get Morgan's bright...