Word: pickup
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With encouragement from the pickup in business, the stock market rose to a new 1958 high last week. Stocks hit 478.97 in the Dow-Jones industrial average, then recovered from a sharp sell-off to close the week at 473.60. Encouraged by the Senate vote to repeal the 10% passenger and 3% freight taxes, rails closed at 119.17, a whisker under the year's high. But while the confidence of many investors returned, the skepticism of others increased. The short position, which has been rising for five months, was reported last week at 5,795,105 shares, highest since...
...Said Kenneth Ward, partner of Hayden, Stone & Co.: "Common stocks are being purchased as a hedge against long-term inflation. Investors are beginning to realize that many companies are lowering their break-even points, so that when business improves, profits will be better than ever. If we get a pickup in durable sales and a cleaning out of inventories, there will be grounds for a new bull market...
...domestic stocks of refined copper are 253,463 tons, highest since World War II, traders figured that the stockpiling could cut down the surplus, pave the way for a rise from the 25?-per-lb. price still maintained by primary producers. But copper miners pointed out that any real pickup would have to come from copper consumers, who have yet to increase their buying. Said Phelps Dodge's President Robert G. Page: "There has been more buying in two or three days, but this in itself is not evidence of a pickup in consumer demand. More likely such buying...
...many weeks, climbed to an average operating rate of 60.5%, the highest level this year. Part of the increase might be a hedge against a possible July price rise, and production may drop again when summer vacations start taking effect. Yet there was enough of a general pickup to convince many a steelman that he should fire up idle furnaces, rehire laid-off workers. While steel's 1958 recession has lasted for longer than the drop in 1949 (see chart), it shows a close similarity to the slide...
...time Bill was 13, he was playing shortstop on pickup teams with the town's adults. He turned down college basketball scholarships to sign with the Pirates in the summer of 1954, played with a couple of farm clubs. By 1956 he was called up to the Pirates...