Word: breakthroughs
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Dates: during 1940-1949
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Died. Marshal Pavel Semyonovich Rybalko, fortyish, billiard-bald commander in chief of Soviet armored, tank and mechanized troops, who led his tank army into a spectacular breakthrough on the Ukrainian front in December 1943; after long illness; in Moscow...
High Tide? The why of the breakthrough was hard for brokers to analyze. There had been no rosy market news. The explanation seemed to be that investors, who had been shooed away from buying by talk of recession, had finally realized that many a stock was vastly underpriced, and that profits had a good chance to stay high for some time to come. (The tax cut had also released some investment cash...
Nevertheless, even the most religious followers of the Dow theory knew that this was no guaranteed guide to the future. In effect, the breakthrough last week simply "proved" to the theorists that a bull market had been under way since the 1947 low of 161.38, following the collapse of the big bull market in 1946. But the market had been within 3.65 points of that low mark as recently as March, thus proving that even in the theorists' bull market an investor could lose his shirt...
...systems. However, even before the nation became involved in the war, these agencies were failing. What actually happened at Pearl Harbor and in the months preceding that disaster is unclear even today, but there can be little doubt that poor intelligence contributed to it. During the war, the German breakthrough in the Ardennes is blamed largely on the fact that the Allied command was taken completely by surprise...
Died. Major General George Glas Sandeman Carey, 81, whose nondescript force of some 3,000 clerks, signalmen, and U.S. railway engineers prevented a breakthrough to Amiens in the Second Battle of the Somme in 1918; in Portsmouth, England. Moving quickly as the Germans threatened, Carey and his motley crew held out for six days until relieved. It earned him a personal commendation before Parliament from Prime Minister Lloyd George...