Word: streeters
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...estimated profit at midyear compared to $48,000,000 for the same period of 1943. Socony-Vacuum Oil Co. netted $20,000,000 v. $15,000,000, Sun Oil Co. pocketed $7,800,000 v. $5,700,000. Eyeing this flowing gold, many a Wall Streeter boldly predicted that the industry may boost its year's earnings 40% over 1943. Cracked one oilman: "We're almost ashamed the way the money rolls...
...minus one, a happy Wall Streeter cried: "The market has recovered from the invasion jitters." Next day came the invasion, and all market-guessing was 100% off. No one could tell how the market would eventually settle. But in the first few hours the market was rising, and many a stock hit new highs for the year...
...this mean that the New York market had a long rise ahead? No Wall Streeter would climb out on this limb. In fact, many were betting the other way. But for the nonce the cheer overbalanced the gloom...
Right or Wrong. Many a Wall Streeter was quick to point out that this was not the whole picture. They argued that U.S. corporations are approaching a managerial crisis. In the main, they have become too big for one-man ownership or operation. They must shop outside for top-drawer talent, then offer a substantial inducement for that talent to stay put. With sky-high taxes, sky-high salaries alone are no such inducement. The best inducement is to give top men a chance to build up what Wall Street calls "an adequate capital position," i.e., make more money...
...Down? All this was solid evidence to many a Wall Streeter that profits, despite the still rising curve of U.S. production, are at or near their alltime peak. From now on, they may have no place to go but down...