Word: stockly
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Dates: during 1950-1959
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When he landed at New York's Idlewild Airport, a woman from his publisher's office met him with a copy of the unsigned, poison-pen letter-neatly typed, grammatically written and essentially correct. "Harry Golden," it said, "is an ex-convict" who once ran a stock-racketeering Manhattan "bucket shop." Barrel-shaped, cigar-chewing Harry Golden smiled long and thoughtfully. "I've been expecting it for some time," said...
Where will the market go now? Though the rise of 106 points has silenced most of the bears, some of them are still betting on a drop. Last week the New York Stock Exchange announced that the short position by Sept. 15 had declined only 158,807 shares to 5,646,414 shares, still one of the biggest totals in history. While a big short position is usually a prop under the market because it ensures buying to cover at lower levels, Wall Streeters point out that this may no longer be true. Many investors are now protecting profits...
...investor who holds 100 shares of a stock at a profit but does not want to take the profit for tax or other reasons sells 100 shares short. When he covers the short sale by delivering the stock in which he has a profit, he receives whatever the price was at the time of the short sale, no matter how low the price may meanwhile have dropped...
STUDEBAKER-PACKARD plans to go into show business. A. M. Sonnabend, the man ailing Studebaker invited in to find nonauto firms to merge with it (TIME, Aug. 18), is dickering to buy Imperial Records (sales: $10 million) for stock and cash, also smaller Cadence Records (sales: about...
...five-story-high trading room of the New York Stock Exchange, activity ceased one morning last week as Exchange Chairman Edward C. Werle stepped onto the balcony, sounded a bell, pounded his gavel and read a statement. In an action rarely taken, the exchange censured and fined the partners of Garvin, Bantel & Co. $25,000, suspended Senior Partner George K. Garvin from trading for three months...