Word: yardsticks
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Whether the market is at a record high depends on which yardstick is used. Like the Dow-Jones, Standard & Poor's index of 425 industrial stocks was close to a record at 52.06, only a shade under the alltime high of 52.18. On the other hand, the New York Times index, at 556.67, still had a good way to go to its 590.96. Moreover, the averages are heavily weighted in favor of leading blue chips, most of which have risen in the bull market. Thus they do not show that many another stock has declined. Some...
...major consideration is corporate net worth. In 1952, for example, the board noted that Boeing Airplane Co. made a return on "beginning" net worth of about 93%, ruled that it had excessive profits of $10 million. Boeing President William McPherson Allen calls such a yardstick "callously fallacious." He and other planemakers argue that net worth does not reflect the greatest asset of any company: its know-how team of engineers, manufacturers and administrators. Moreover, it neglects the many profitless years of costly drawing-board development, design and prototype testing...
Worst of all were Fox's notions of the principles which should guide journalism. To Post executives, fretting at the paper's wild machinations, Fox had a stock answer: "No one has ever measured the capacity of the American people to absorb manure." John Fox, yardstick in hand and a slug of bourbon within reach, gave it a try-and drove the Post into bankruptcy court. One of those pulling the plug on Fox was Friend-Turned-Enemy Bernard Goldfine...
Other conceivable adjustments could be made in administering a revised board plan, such as allowing reductions only to juniors and seniors, or to scholarship students. But whatever the form of such a trial yardstick, the University should now make some effort to re-examine the utility and fairness of its board rates...
...cheer as amateurs and pros whipped through brand-new driving tests devised by the National Association for Stock Car Auto Racing. Instead of NASCAR's usual straight dashes down the tide-smoothed sands of Daytona Beach, the association concocted its 1958 stock-model performance tests as a yardstick of automobile safety, based them on qualities that the average driver needs in the average car during an average turn at the wheel: maneuverability in downtown traffic and passing ability on the open highway...