Edging lower on moderate volume, the Dow Jones average lost 22 points yesterday. But when Wall Street opened this morning, the Dow indicator stood at 3,005.37, still ahead 372 points for the year to date and up 2,012 points, or 202 percent, from this date 10 years ago (DJ 993).
LOOKING AHEAD: "This is a great time to sell stocks." (James Grant) . . . "Auto and housing stocks are up, a good sign, and when IBM and the drug stocks kick in, the Dow average will rise even farther." (Laszlo Birinyi) . . . "The Dow could rise to 3,200." (Martin Zweig) . . . "Our chief concern is the high level of complacency; the majority acts as if the downside were minimal; most of the 1991 rise has already occurred." (James Farrell, Merrill Lynch) . . . "With stocks at these high levels, don't stay around for more." (The Richland Report)
JUNE JOURNAL: A New York lawyer told me that law school graduates now make up to $80,000 in their first year at many Manhattan law firms . . . Barron's, dated June 3, says that the Dow Jones price-earnings ratio now stands at 20.1 times the latest 52-week earnings vs. a 14 P/E ratio one year ago . . . The same Barron's runs a long feature on Legg Mason's Paul Montgomery, "an erudite analyst of financial markets whose unusual tools include the use of Time and Business Week covers negative indicators." POOR MAILMAN: "For those seeking well-spaced and above-average income, here is a fine portfolio of NYSE stocks. It provides 52 dividend checks a year, roughly one week apart. On a $100,000 investment, you receive a $110 weekly income, yielding 7.5 percent. Payable dates are in parentheses: 300 New England Electric (Jan. 1); 250 Key Corp. (Jan. 15); 200 Northern States Power (Jan. 20); 200 Bankers Trust (Jan. 25); 200 SCE Corp. (Jan. 31); 100 Ameritech (Feb. 1); 175 Consolidated Natural Gas (Feb. 15); 200 Central and SW (Feb. 28): 150 American Home Products (March 1); 150 Dun & Bradstreet (March 9); 100 Chevron (March 11); 250 Weingarten Realty (March 15); 300 Potomac Electric Power (March 31). Many of these firms raise their dividends often." (Investor's Digest)