Word: stockly
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Dates: during 1950-1959
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...most heavily traded stocks on the New York Stock Exchange last week was that of a little Philadelphia rug firm, the Artloom Carpet Co. From a low of $3.75 a share earlier this year, Artloom has soared to a high of $27.63, even though Artloom's business has been as threadbare as a boardinghouse hall carpet. Last week the Securities and Exchange Commission lifted the rug to see what went on, found an old familiar face in an old familiar pattern of action...
Next Marcus began buying Artloom stock, in June got himself elected chairman of the board. Thereafter he repeated his old spiel about big mergers to transform Artloom into a diversified manufacturing company. As before, the stock started up. When SEC looked closely last week, at least part of the reason was apparent. Not only did Marcus hold, at last report, 50,000 of Artloom's 504,982 outstanding shares, but the Manhattan brokerage firm of Van Alstyne, Noel & Co., of which Marcus is a partner, was reported to have had registered 225,000 shares for its own account...
...soon as SEC's investigation started, the Stock Exchange also moved in to brake any big drop in Artloom stock. It banned the use of "stop orders"; i.e., orders placed in advance by stockholders to sell (or buy) when the stock reaches a certain price. Such orders to sell, as they are successively executed, often send a stock plummeting. Nevertheless, Art-loom's price sagged last week...
...Board alowed a few more steps last week to tighten credit (see State of Business), more and more Wall Streeters wondered whether the FRB can control a new inflationary upsurge as well as it did during the 1955-57 boom. How widespread these doubts are was reflected in the stock market, where stock prices during the week rose to a new high for the year. Wall Street was highly skeptical about the power of the FRB because, in trying to control the new inflation it fears, the FRB is up against a big problem it did not have before...
Battle for Brains. With Lehman-raised cash, Thornton and associates bought Litton, then a small microwave-tube outfit that had supplied Hughes with its best magnetrons, i.e., vacuum tubes that emit radar impulses. During the next 15 months, Litton used stock and cash to pick up half a dozen little-known firms making computers, printed circuits, servomechanisms, communications and navigation equipment. When Litton bought Digital Controls Systems Inc. in 1954, it also got brilliant Research Scientist George Steele; Steele heads Litton's work on lightweight computers that make up to 15,000 calculations per second for a plane...