Word: wall
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Dates: during 1960-1969
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NERVOUS about inflation, tight money and the prospects of a business slowdown, Wall Street has more than enough to worry about these days. But last week the words and deeds of some very important people further unnerved investors. At the U.N., U Thant reported that fighting along the Suez Canal had erupted into "open warfare." It was the kind of news that Wall Street hates. In the U.S. Senate, Finance Committee Chairman Russell Long raised prospects of a long delay before action on extension of the surtax, and Wall Street was bothered even more. Most disturbing of all, Treasury Secretary...
Held As Hostage. Wall Street analysts are more worried about the glamour stocks of yesterday than about the blue chips. Mutual funds have been selling, and in some cases there has been distress selling inspired by the fear that customers will redeem their fund shares for cash. Even those inveterate bulls, the managers of go-go funds, are unloading stocks, and the hedge funds have been hard hit. Some money is being shifted out of stocks into bonds. People who buy stocks on margin have to pay 11% interest, but those who buy bonds collect as much as 8% interest...
Thus Hart Crane in "To Brooklyn Bridge" describes the noon light biting into Wall Street. As a poet, Crane sought "surrender to the sensations of urban life." Out of such sensations, he said, he hoped to forge "a mystical synthesis of America," for which (he told his perplexed patron, Otto Kahn) "one might take the Sistine Chapel as an analogy...
...shocked none. Nowadays, a few greatly gifted writers can effectively employ the familiar quad-riliterals for dramatic or comic effect, but they tend to lose their value through overuse. As George Orwell observed 22 years ago, "If only our half-dozen 'bad' words could be got off the lavatory wall and onto the printed page, they would soon lose their magical quality." That process is well under way. The four-letter pudendicities are now dropped casually into cocktail conversation. But not everyone applauds the fading of the magic...
...biggest gainers of 1968 managed to climb at all in this year's first half. Their showing confirmed Wall Street's axiom that"go-go" funds can seldom put together two good years in a row because it is almost impossible consistently to pick stocks that will spectacularly outperform the mar ket. Last year's rich winners were those fund managers who correctly foresaw that the market would rally after President Johnson's renunciation. This year those managers failed to anticipate that the market would tumble after bankers raised the prime rate to 81/2...