Word: wall
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Dates: during 1960-1969
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...market is terribly high-and it's going higher." So last week predicted J. Eugene Banks of Brown Brothers Harriman & Co., reflecting Wall Street's widespread belief that its new bull has hardly begun to frolic, and that the Street is in for a long market rise. Although stocks backed and filled for most of the week, the Street's excitement was kept up by the upsurge in rail shares. Rails broke through their previous high to reach 150.81, thus, according to the Dow theory, "confirming" the signal four weeks ago of the Dow-Jones industrial average...
Even Pennsylvania Railroad stock was bought heavily, despite the announcement of a $9,000,000 deficit for the year's first two months, one of the biggest in the road's 114-year history. Wall Street did not need the rails to tell it that it was in a bull market. Only a few weeks ago, most brokers were hedging every prediction with careful qualifications; now the new sense of expectation was so infectious that few had eyes for anything but the climb ahead...
...Wall Street suspects that one reason the public is not more enthusiastic about the new bull is that the Dow-Jones aver ages are not accurately reflecting the new market's real steam. Experts point to the rapid price rises of stocks not represented in the Dow-Jones averages, the large number of new highs hit each day. and the movement of Standard & Poor's index of 500 stocks, which has already hit a new alltime high. The Dow-Jones averages also contain many stocks that have not partici pated proportionately in the rise, such as oils, metals...
...Corrections. Aside from the danger of a serious international crisis, such as in Laos, Wall Street's professionals expect the industrials to test their previous high of 685.47 quickly - and to pass the test with flying colors. Though everyone ad mits - rather grudgingly - the possibilities of a "technical correction'' that would bring stocks down, few on Wall Street expect it. Says Winthrop Knowlton of White, Weld & Co.: "There's certainly a better chance you'll make money buy ing stocks than you will by sitting on the sidelines or selling...
Unlimited Horizon. Detection by infra-red can perform incredible feats. A person can put his hand against a wall for a short time, and an infra-red camera taking a picture of the other side of the wall will later pick out the imprint of the hand. The temperature of the moon can be easily measured. Scientists are experimenting to see if infra-red can detect the presence of cancer by changes in skin temperature. Although infra-red was developed primarily for the military and to guide and track missiles, detect camouflage and take aerial photographs through fog, other uses...