Word: walls
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Dates: during 1950-1959
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Investors' Market. Better than anything else, Wall Street's high-flying Bull symbolized the new economic power and stability of the U.S. Within twelve months the Dow-Jones industrials went up 137.48 points from 435.69 to a historic high of 573.17 in the closing weeks of 1958; utilities jumped 20.42 points; rails soared 58.72 points. There were still skeptics who had seen such high-flying stocks and heard such talk of the new prosperity before-in 1929. But in 1929 the market was founded on fantasy, frenzy -and credit. In 1958 the Bull's flight...
...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...
...year's end some Wall Street professionals worried that the Bull had overreached himself, that the market had gone too high too fast. A few years ago, a stock that was selling for 15 times its earnings was considered expensive. At year's end the price-earnings ratio for industrials on Moody's index stood at 21, and for many stocks it was much higher, e.g., IBM is selling at 47 times earnings. Viewed at current earnings, the market may indeed be too high, reflecting a hedge against more inflation as well as a hope of sharing...
...Consumer. The greatest single force in keeping the recession local-and then turning it around-was the monied U.S. consumer, the same man who, as investor, sent Wall Street's Bull to the moon. By old-fashioned doctrine, recession is a time when consumers cut down their spending. In 1958 the confident U.S. consumer continued to buy, and then some. He became the economic hero of the year-and demonstrated several other facets of the new economy...
SINCE 1873 the most famed address in the U.S. financial world has been "The Corner" at 23 Wall Street, home of the House of Morgan. From The Corner last week came news that J. P. Morgan & Co.. Inc. will merge with Guaranty Trust Co. of New York, provided the trustbusters approve, to form the fourth largest bank in the U.S., with resources of $4 billion, capital funds of more than $500 million...