Word: stocking
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Dates: during 1960-1960
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Other brokers laid the blame for the sudden jumps and dips at the dancing feet of Nicolas Darvas, of the ballroom team of Darvas and Julia (TIME, May 15, 1959). His book, How I Made $2,000,000 in the Stock Market, published five weeks ago, has already sold more than 100,000 copies. A key part of Darvas' system is the use of the "stop-loss order"; e.g., an investor with a stock selling at 40 instructs his broker to sell if the price dips below 38 to limit his loss. The catch is that if the only...
...Thirteen. Stop-loss orders have increased 25% in the past five weeks, Specialist John Coleman estimates, and have nearly doubled in some of the glamour stocks. The result: whenever the price dips, the stop-loss orders set off in a chain, and the stock plummets. Standard Kollsman stock was caught this way recently: the exchange canceled all Kollsman stop-loss orders on the books, has yet to restore them...
...most conspicuous hole in the ground." (Walter Winchell called it "Zeckendorf's Folly.") A huge hole it was, 35 ft. deep and half a city block long, just northwest of Rockefeller Center. When nothing happened for months, Zeckendorf was repeatedly asked why the delay in construction. One stock answer: during the steel strike he had ordered steel at a special bargain price from Bethlehem, and it would be some time before it was delivered. In fact, no steel was ever ordered. The real hitch was lack of money...
DETWILER was born in Altoona, Pa. of Pennsylvania-Dutch stock, served two years as a pilot in Europe during World War I before returning to study at Temple University and the Wharton School of Finance. He says that he made and lost his first $5,000,000 in the Florida real estate boom in the '205, made another $25 million through a group of utilities holding companies. When the market crashed, Detwiler lost all his money. During the 19305 and 19405, he spent his time running investment development and securities companies...
...concession he got in 1953 from the Liberian government to develop the Nimba iron-ore deposits in the rain forests. What happened then is as hazy as a rain forest. Detwiler says he was forced to give up control to Swedish interests but kept some of his stock. Another version is that the Liberian government pressured Detwiler out because he was not producing. Still, the Liberian experience led Detwiler to other African leaders. He met Lumumba's private secretary recently. On July 11 he flew to the Congo from Brussels in a plane loaded with Belgian paratroopers. Detwiler says...