Word: stocking
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Dates: during 1960-1960
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...first business assessment of the blowup at the summit was made by the stock market. At the news from Paris the market shot up, paced by heavy buying in missiles and electronics stocks. While the tape ran late for a total of three hours on two successive days, trading reached its heaviest volume-5,240,000 shares-in more than a year and a half...
Wall Streeters were counting on a big hike in defense spending, but when Washington took pains to refute this talk, investors had some sober second thoughts. They began to sell the defense stocks, turned their attention to such old favorites as leisure-time stock and such neglected issues as rails and oils. Total effect: the market advanced to 625.24 on the Dow-Jones industrial average, up 12.21 for the biggest one-week gain in six weeks...
...Chesapeake & Ohio Railway, the nation's biggest soft-coal carrier, offered to buy the stock of the Baltimore & Ohio as "the first step toward merger." The railroads have more than 11,000 miles of track and assets of $2.3 billion, would displace the Southern Pacific in the No. 2 spot, and rank only below the Pennsylvania. Another road deeply interested in the C. & O. merger is the New York Central. It has been talking to the two roads about a three-way merger that would make the biggest U.S. railroad, web the Eastern states with a network touching almost...
...through its plan, the C. & O., which is controlled by Cyrus Eaton, Premier Khrushchev's favorite U.S. capitalist, offered to exchange one share of its common stock for each share of B. & O. preferred stock and one share of C. & O. common for each 1½ shares of B. & O. common. The new road would have the prospect of fat profits. Last year, under President Walter J. Tuohy, the C. & O. earned $45.7 million on revenues of $347.6 million, while the B. & O. earned $14.8 million. As a rich dowry, the B. & O. would bring its 42.2% stock interest...
Masterminding the marriage of TWA and Northeast is Millionaire Howard Hughes, who owns 78% of TWA and 9.2% of Atlas Corp., the holding company that has a 56% controlling interest in Northeast. Under the merger terms, one share of TWA would be exchanged for three shares of Northeast common stock, if the plan meets the approval of TWA's board, the CAB, stockholders and major creditors. Hughes will also lend $9,500,000 to Northeast from his Hughes Tool Co. to get its six, new, leased Convair 880 jets into operation for the Florida tourist season this winter...