Word: terme
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Dates: during 1950-1959
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Octave Stretch. In Columbus, after completing a four-year prison term for stealing a saxophone, Milton Lee Littleton was sent back to the pen for one to 15 years for stealing an alto saxophone...
Wall Street still has its speculators. But Merrill Lynch, Pierce, Fenner & Smith, in a survey of 300,000 big, little and medium-sized investors, discovered that the vast majority bought for long-term investment and had no intention of selling, despite the recession. Even American Telephone & Telegraph Co., that staid old lady of the utilities, is getting to be a growth stock...
...Long-term investors pushed...
...Great Shortage. Inevitably, the rush to buy-and the reluctance to sell-created a shortage of stocks in 1958. Though the number of shares on the exchange has increased 400% (to 5 billion) since 1929, the number of long-term investors has probably grown 20 times. The year saw the fourth highest turnover in history; yet turnover as a percentage of shares outstanding was lower than in 49 out of the past 58 years. To make matters tighter, the number of new shares coming on the market had been small. The tax advantages of debt financing are so attractive that...
...midyear. The important discovery for long-term investors was that steel could make money even at surprisingly low operating rates; it was no longer at the mercy of feast-or-famine cycles...