Word: telautograph
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Dates: during 1960-1969
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Nothing sends a stock up faster than the news that a company has a glamorous new electronic device-especially if the news is exaggerated. Example: two little-known, money-losing companies. TelAutograph and Comptometer Corp., last week set off a speculative binge that resulted in some of the wildest trading the New York Stock Exchange has seen since 1929. In eight trading days TelAutograph zipped from 9½to a high of 24½, and Comptometer soared from...
...opening of the market on the next trading day, the flood of orders to buy was so great and sellers so few that longtime Specialist John Coleman of Adler. Coleman & Co. (TIME, July n), the man responsible for keeping the market orderly in TelAutograph, did not open the stock all day. Coleman and Stock Exchange officials thought the demand was based on questionable information, wanted more time to get all the facts. Next day Coleman finally opened the stock one minute before the close at 24, up 5/½ over the previous close...