CFA Institute

Review
Author(s): Elsie Palin
Review by: Elsie Palin
Source: Financial Analysts Journal, Vol. 26, No. 2 (Mar. - Apr., 1970), pp. 127-128
Published by: CFA Institute
Stable URL: http://www.jstor.org/stable/4470669
Accessed: 17-12-2015 07:53 UTC

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reduced maintenance, for with the
lack of earnings this was inevitable,
but irresponsibility in equipment
matters, in particular disregarding
engineers' advice and scrapping elec-
tric locomotives in favor of those un-
reliable diesels that today's commu-
ter knows and distrusts.
The book is a model of business
history, well written, entertaining
but factual, bristling with footnotes
in the back, pictures of the principal
characters, a bibliography, an ap-
pendix, and end-paper maps of the
New Haven that was and the New
Haven that is left. The only quarrel
with its accuracy is the locating of the
birthplace of Diamond Jim Brady at
the corner of Wall and Cedar Streets.
Tourists and even natives will have a
hard time finding that historic spot.
* advised his king on matters of pol-
"HETT". By William W. Amos. Har-
court, Brace & World, Inc. New
York, 1969. 44 pp. A few copies
are available from the publisher.
Reviewed by ROBERTI. CUMMIN
Laidlaw & Co.
"Hett" is a short, heartfelt tribute
to Albert Hettinger, Jr., Wall Street's
venerable and respected Ben Frank-
lin, written by Bill Amos, the insur-
ance expert of First Boston. Most
members of the mature generation of
the financial community have heard
Mr. Hettinger's story-barefoot boy,
student, teacher, successful investor,
and now partner of Lazard Freres,
director of many companies, and
investment advisor to great institu-
tions.
Mr. Amos has tried through inter-
views to find how Hett made his
career and what lessons the young
can learn from his philosophy. Hett
succeeded by constant hard work
and by "directing all [his] energies
toward the goal, being totally com-
mitted to every undertaking." This
sounds like the Puritan Ethic, and it
is. But not many Puritans could
maintain the pace of not wasting a
single one of seventy-eight years.
This book has probably come too
FINANCIAL ANALYSTS JOURNAL / MARCH-APRIL
1970
This content downloaded from 132.203.227.63 on Thu, 17 Dec 2015 07:53:56 UTC
late to help the average financial
analyst shape his life. Try it on the
younger generation. The writing, by
the way, is outstanding.
STOCK MARKET HOROSCOPE 1970:
Complete Astrological Forecasts
of all the Companies on the New
York and American Stock Ex-
change. By Doris Kaye. World
Publishing, New York, 1970. 174
pp. $5.50.
Reviewed by ELSIE PALIN
Church & Graves
Before an investor can freely put
his reliance on astrology as a blasis
for investment decisions, he must be
convinced of the scientific basis for
this ancient art. In the old days,
quite a long time ago, the astrologer
icy, basing his advice on the relative
positions of the earth, the sun, and
the movable stars, or planets. It was
clear to him that these bodies had
been given their start long ago and
were secure in their courses. He
knew, too, that something caused
everything and that consequently
everything that happened in the fu-
ture was foreordained and could be
divined.
As the years went on, some sooth-
~~.III
NOTICE
DIVIDEND
Quarterly dividends of 28?
a share on the common
stock and 25? per share
on the 5% preferred stock
have been declared by the
Board of Directors.
Both dividends are payable
March 15 to shareholders
of record February27,1970.
Donald J. Carman,
Vice President & Treasurer
January9, 1970
All use subject to JSTOR Terms and Conditions
sayers, suffering perhaps from poor
eyesight, turned to other sources of
inspiration. Ezekiel may have tried
pot. The augurs of Rome studied
animal entrails and ffights of birds.
But with the discovery of the tele-
scope, astrology came back and re-
mains the surest way to predict the
future.
Ancient prophecy was not too
accurate, even though its scientific
basis was unassailable. It failed
through imperfect knowledge. For
one thing, the position of the sun in
the twelve zodiacal constellations led
to confusion in various nations as to
what the constellations should be
named and what influence each had
on earthly events. Then, there were
planets, too remote to be seen by the
naked eye, that affected life on earth
in unpredictable ways.
Discovery of the telescope changed
all that in spite of the fact that about
this time the earth, which had stayed
put for generations, began to turn on
its axis and orbit the sun. The star-
gazer, feasting his eyes on the lower
limb of Venus, soon worked out the
relationship of that enigmatic planet
to events on earth. Modem science
determined orbits and things to un-
heard-of fineness. Almanacs reported
the mean longitude of the ascending
SECURITYANALYSTS
MANAGERS
~~~PO.RTFOLIO
For 46 years Acorn
has specialized in
the placement of top
calibre Analysts and
Investment Executives.
Call our Wall Street
Specialist for a con-
fidential interview.
All fees are paid by
employer.
ACORN
An Executive Placement Service
160 Broadway, N.Y.C. BE 3-1891
127
node of each planet. Such complex
motions as the precession of the
equinoxes were solved and added to
the accuracy of predictions. By this
time, any astrologer who knew his
astrolabe from an astragal was pre-
dicting all over the place.
Causation, the hypothesis on which
astrology is built, survived the en-
croachments of modern science. Ce-
lestial navigation, whereby positions
on earth are determined relative to
predicted positions of heavenly
bodies, relies on this hypothesis. The
lunar astronauts also used celestial
navigation, and what could be more
scientific than that? The Brownian
Movement of the early nineteenth
century firmly applied the causation
hypothesis to other fields. In the
stock market this hypothesis is
known by many names, among them
Technical Analysis, Fundamental
Analysis, and the Random Walk.
With the benefit of modern knowl-
edge, Doris Kaye has drawn horo-
scopes covering 1970 for nearly all
HI *r11
ACME
MARKETS, INC.
110thCONSECUTIVE
QUARTERLY
DIVIDEND
the stocks listed on the Big Board
and American Exchanges. The main
variables in a horoscope at any par-
ticular time are the position of the
earth in the zodiac, the position of
the planets, and the birthday of the
subject, which yields his own sign.
Well, does a stock have a birthday?
You bet it does. Although Doris
Kaye has accomplished many feats
since taking up astrology at age
twelve, her real breakthrough, as far
as the investor is concerned, is in de-
termining that a stock's birthday is
the company's date of incorporation.
The birthday gives the stock its own
sign of the zodiac, and off we go.
How important a stock's birthday
is to its success can be plainly seen
in the indigestion that afflicts some
conglomerates, where the aspects of
the various ingredients prove to be
adverse. We have all observed com-
pany takeovers in which Jupiter
kicks Saturn upstairs to Chairman
of the Finance Committee and then
gives him an early retirement. All
this could be avoided by attention to
astrology before the acquisition.
The application of astrology to a
specific stock is delightfully simple
as is shown in this (random) sample.
Howmet was founded 6/30/5 8, giv-
ing it Cancer as a sign. Let us see
what April 1970 has in store for
Howmet. "This can be a rising pe-
riod for some Cancer Sun Sign
issues, although not without tense
moments for speculators who have
bought high-risk stocks and may now
watch them perform rather errati-
cally! The 13th and 14th should see
a great deal of action among these
varied kinds of issues, with machin-
ery, metals (that's Howmet!), retail
trade, building, and real estate likely
to be included in the active list."
A warning to speculators is in
order, though. Our knowledge is not
yet perfect. It has been recently
demonstrated that Earth's continents
drift about over the aeons. It is also
apparent that constellations do the
same. Is it possible that the constel-
lation we know today as Taurus,
the bull, is really a displaced Ursa
Major?
Index to Advertisers
Acme Markets .................... 128
Acorn EmploymentService ............. 127
AnthonyKane .................... 98
AthloneIndustries,Inc................. 12
Boston Edison Company............... 43
Burnham& Company.................. 66
California-PacificUtilities ............. 127
CentralSoya .................... 3rd cover
ChemicalBank .................... 7
Citizens& SouthernBanks ............. 34
ColumbiaGas System .............. 80, 109
DaytonPower& Light ................. 116
Detroit Edison ....................
ESB Incorporated....................
FederalPaper Board ..................
98
15
128
Flintkote .......... ......... 5
GoodyearTire & Rubber............... 119
GouldInc . ................... 87, 93
Government DevelopmentBank(Puerto Rico) 58
Great Southwest Corporation...........
Gulf States Utilities .......... .......
74
43
InteractiveData Corporation............
InternationalTel. & Tel............ 4th cover
1

CASH DIVIDEND ISEC. ............................. 43

TheBoardof Directorson FEDERAL lKeystoneConsolidated...........
Latrobe Steel ..... ......
119
123
January15, 1970 declaredthe MiddleSouth Services ........... 47
regularquarterly FEDERAL BOARD
PAPER Inc.
CO., MinneapolisGas ..... ...... 126
dividendof 50c per share. Common &Preferred Dividends: NationalDistillers ..... ..... 126
STOCK DIVIDEND The Board of Directors of Federal Paper North AmericanRockwell........... 16
Board Company, Inc. has this day declared NorthAmericanRoyalties ........... 33
At the same time the Boardof the following quarterly dividends: NorthernIllinoisGas .... ...... 115
Directorsdeclareda 4% stock 25 o per share on Common Stock. OccidentalPetroleum ........... 65
28%S per share on the 4.6% PanhandleEastern ..... ...... 125
dividend.Bothdividendsare Cumulative Preferred Stock.
payableMarch28, 1970 to The Common Stock dividend is payable on
PhiladelphiaElectric ..... ...... 99
January i5, 1970 to stockholders of record at PullmanIncorporated..... ...... 73
stockholdersof the close of business December 31, I969. R. J. Reynolds.... .. ..... 43
recordon January28, 1970. The dividend on the 4.6% Cumulative $25 ResourceProgramsInstitute . . 117
par value Preferred Stock is payable on St. Joseph Lead ..................... 23
March is, I970 to stockholders of record
JOHN G. C. FULLER February 27, I970. SalomonBrothers& Hutzler ............ 73
Ttreasurer
QUENTIN J. KENNEDY
Talcott NationalCorporation........... 30
Secretary UniversityComputingCompany.......... 11
Universityof Windsor .................85
lg December I6, I969 U. S. Industries,Inc. . 8-9
.....
FA Montvale, New Jersey Utah Power& Light ...
White, Weld & Co.......2nd1
.... 63
cover

128 1970
FINANCIAL ANALYSTS JOURNAL / MARCH-APRIL

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