Word: walls
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Dates: during 1950-1959
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...discredit to Oberlin's able President William E. Stevenson to say that while his predecessors were scholars, he -a onetime Wall Street lawyer - is primarily a money-getter. Even for a relatively wealthy ($50 million) school such as Oberlin, money-getting must color almost all public pronouncements. It is no accident that at last week's 125th anniversary convocation, three of four outside speakers - the Ford Foundation's Henry Heald, the Carnegie Foundation's John Gardner and Standard Oil of New Jersey's retired Board Chairman Frank Whittemore Abrams - were close to the strings...
...Wall Street last week made some history and some hysteria. On the opening day of trading on the New York Stock Exchange, industrials continued their rise to record highs, and utilities touched their highest since Sept. 23, 1930; three times the tape fell behind. Next day the market turned right around and headed down, falling 4.23 points on the Dow-Jones industrial average. Not since President Eisenhower's heart attack in September 1955 had the market seen such heavy trading. As 5,110,000 shares changed hands, the tape fell behind seven times, once as much as 15 minutes...
Forget the Present. Worry about inflation was one of the factors sending the market skyward. There was also realization that lagging earnings can come back fast (see below). Thus, though stocks in historic terms are overpriced (18 times earnings for the industrials), many Wall Streeters are using a method to evaluate them which simply disregards the present. Said Edmund W. Tabell, top market analyst for Walston & Co.: "What an investor must do is take an average of earnings over the past five years [$32 for the industrials], measure it against projected 1959 earnings [now being quoted at a record...
Many of the experts, who only a few months ago were predicting that the market would go down, joined Tabell in seeing a big rise ahead. Yet Wall Street was hard-pressed to find logic in the rise. Said Daniel L. Gutman, partner of Zuckerman, Smith & Co.: "The ravages of inflation are over for at least the next two years. To buy stocks today only as inflation hedges is like locking the barn after the horse...
...Guard band played the funeral dirge, a large Red banner was nailed upon the wall with the letters in gold, "The leaders die, but the cause lives...