Word: thumb
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Ever since Wall Street's Blue Monday crash, economic sages ranging from mutual fund managers to Treasury Secretary C. Douglas Dillon have been recalling the late John J. Raskob's half-forgotten rule of thumb (TIME. June 1) that even the stock of a promising company should be priced at no more than 15 times the company's per share earnings. If that ratio held, the warning ran, the Dow-Jones industrial average would have to sink to 540. Last week it fell even farther than that; in five days of almost unbroken decline...
Most California political observers sense a recent Shell upsurge-but even so, few think that Shell will get more than 35% of the primary vote. But even that modest showing could be a cause for Nixon concern. California's registration is heavily Democratic, and by rule of thumb a successful G.O.P. state candidate must pick up 90% of the Republican vote and 20% of the Democrats. If Shell's supporters, who view Nixon as little better than a left-wing radical, refuse to close ranks with the rest of the party after the primaries. Nixon will...
...much as 15 times earnings. (Despite this bullish tenet, Raskob, like the President's father, Joseph Kennedy, saw the 1929 crash coming; unlike Kennedy, he did not sell short soon enough to make a killing.) Raskob's 15-times-earnings ratio became an accepted rule of thumb almost immediately, but the unfavorable circumstances of the Depression pressed the ratio down. As late as 1950 there was little to worry about: stocks in the Dow-Jones industrial index were underpriced, selling at a rock-bottom six times earnings...
Spruance, who has been having his troubles, scored two goals and an assist, as did midfielder Pete Wood. Wood was playing with a broken thumb suffered in practice this week...
...Charlie Chaplin; ten years in Switzerland have changed him a great deal. His outrageous temper is all but gone. His tirades against the U.S. are now infrequent. The headlines he once made for everything from the Great Paternity Suit to Tax Problems to accepting a Kremlin-sponsored "peace prize" (thumb at his nose, fingers pointing west) have vanished, not to be replaced by others. Oxford is about to give him an honorary degree; so is the University of Durham...