Word: year-end
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...stores in such numbers that some places reported sales 10% above 1957. What made merchants everywhere particularly happy was that buyers headed for the expensive goods. Said Cyril Magnin of San Francisco's Joseph Magnin: "All the higher-priced lines in everything did very well." Philadelphia reported a year-end run on jewelry and furs. Said Max Robb, president of the City Stores chain: The customers of all income groups "traded up." i.e., bought items in a higher price class than last year...
...economy for the year just past, and present a forecast for the year ahead. Over the last decade nothing has loomed larger in the financial news than Wall Street's bull, long a symbol of a rising stock market. But to TIME'S editors the bull does not mean Wall Street alone. He is also a symbol of the power of the U.S. economy. In the past ten years TIME'S readers have seen five bulls on the cover-three with midyear stories on the state of business, and two with the Year-End Review...
...This year TIME had two cover stories about the bull, both written by Associate Editor George Daniels, who has also turned out the Year-End Review every year since 1955. In March the bull was on one knee, and the bears all said that the bull was falling down. But the bull himself said no. He had stumbled, but now he was actually getting to his feet again. April was the bottom of the recession, and the recovery has been strong ever since...
...cover this week is the fifth bull. (The first four were drawn by Artist Boris Chaliapin; this week's is the work of Boris Artzybasheff.) The theme of this Year-End Review is that the U.S. now has a new kind of stock market and a new kind of economy, to which many of the classical rules of economics no longer apply...
...stockholders fared so well. Du Pont chopped its year-end payment from $2 to $1.50 per share. United Fruit, citing fruit damage from wind storms, cut its dividend from 75? to 50?. American Telephone & Telegraph declared the same $2.25 quarterly dividend it has paid for 37 years, despite a spate of rumors of a raise. But stockholders have fared well this year despite dividend cuts in hard-hit industries. The New York Stock Exchange reported that cash dividends on common stocks for the first three quarters set a record high of $6.4 billion, up $11.2 million from...