Word: walls
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Dates: during 1950-1959
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Gold-Plated Group. To float the new issue, the Ford Foundation, which will get the proceeds, chose a collection of gold-plated co-managers to head the biggest syndicate ever formed in Wall Street. The names sounded like a roll call of the financial world's leaders...
...billions in cash for such giants as Pacific Gas & Electric and Bank of America. Other co-managers: ¶Goldman, Sachs & Co., headed by Investment Banker Sidney Weinberg, 64, who knows Washington (where he has served for 22 years in half a dozen big jobs) as well as he knows Wall Street, and who has had a guiding hand in Keith Funston's career...
...world's biggest oil company, announced that in 1956 it will spend a record $1.1 billion on expansion: 50% on searching for new oil, 25% on refineries, and the rest for new transportation and marketing facilities to get its products to consumers. Little Man Beware. In Wall Street there are still some experts who distrust the supposedly uninformed small investors; they like to quote the old saw that "when the little man comes in, it is time for the professional to get out." Actually, thanks to President Funston and the vigorous campaigning of brokerage houses that conduct stock-market...
...James Crane Kellogg III, 40, senior partner in Spear, Leeds & Kellogg, Wall Street's biggest specialists firm with 55 stocks (American Airlines, Boeing, General Tire, Union Oil, etc.), who put up $618,000 for 25,000 shares of American Airlines alone to support the market during the cardiac break, at one point was $163,000 in the hole. ¶John Coleman, 53, head of Adler, Coleman & Co. (53 stock issues, including American Tobacco, Armour, Motorola). ¶Benjamin Einhorn, 48, partner in Astor & Rose, which handles Sperry Rand and 14 other stocks...
...Dividends. Looking at 1955's stock market, Wall Street's specialists think that it is based, to a large degree, not on speculation but on the present prosperity and the bright future of U.S. business. For the first half of 1955, corporate profits after taxes hit an annual rate of $21 billion, 162% better than 1929. And the forecast for the second half year is even better: profits of $23 billion, well over last year's figure and almost equal to the 1950 record. On the basis of sales and earnings, many stocks are not regarded...