Regaining their balance after Tuesday's 40-point drop, stocks traded in a narrow range yesterday. The closely watched Dow Jones average slipped only two points to close at 3,278.69 on volume of 205 million shares.
AUTUMN OUTLOOK: "The stock market remains in an ongoing bull phase. Improving sentiment, money flowing into financial instruments and a very easy monetary stance continue to provide the bullish climate." (Wall Street Generalist) . . . "Following Germany's interest rate cut, we think market strength will continue. Our indicators are brighter now than at any time since December." (Switch Fund Timing) . . . "When the number of secondary distributions is high, it indicates 'smart money' is exiting the market. There have been only four secondaries over the 30 days, the lowest level in 19 months. Evidence suggests that investors should do well by acting as bullish as the smart money." (Hamilton Investments) . . . "When I have to depend on hope in a stock purchase, I don't make it." (Jesse Livermore, successful investor)
MORE OPINIONS: "Raging bull Jake LaMotta, the legendary boxer, was hard to knock and keep down, and this attribute best describes the current market. We're headed towards a buying panic." (Winell Report) . . . "Stocks should trend higher when third-quarter corporate earnings begin to be released in October. Look for the Dow index to climb above 3,600 by year-end." (Equity Analyst) . . . "U.S. companies with large presences in Europe now stand to benefit from growth there. CPC International and Minnesota Mining fit that profile. I also like the New Germany Fund." (A. C. Moore, manager, Argus Investments)
WORKPLACE WISDOM: "Habits Shared by Happy, Successful Executives" in National Business Employment Weekly, on newsstands this week, is worth reading. Excerpts: "Know your mission and pursue it with vigor . . . Competence alone won't get you what you want. Make sure that management knows the caliber of your work and understands the rewards you expect from it . . . Take risks . . . Trust your gut . . . Network, network, network, even when you're happy in your present position . . . Never humiliate others; the next time you're in a mood to take prisoners, put yourself in your opponent's place. Suggest action that satisfies both parties. Your opponent will probably return the favor."
CAREER COMMENT: "Has your work become very easy? Do you find you can do it with little effort? Has it ceased to impose any strain or fatigue upon you? Can you now do it 'as easily as water rolls off a duck's back'? If so, look out! Do some stock-taking. Examine your output. Workdone with little effort is likely to yield little result. Every job can be done excellently or indifferently. Excellence necessitates effort -- hard, sustained, concentrated effort." (B. C. Forbes, in Forbes, Sept. 28)
TICKER NOTE: Regarding the above, when I once told former Evening Sun publisher Reg Murphy that I had never missed one twice-weekly Ticker in 15 years, even getting my column in through blizzards, writing from hospitals, domestic and foreign vacations, etc. -- from fear of being replaced -- he replied, "I like people who look back over their shoulders."
AUTUMN LEAVES: "If you listen to everybody's investment advice, you'll have results like everybody." (Overheard somewhere) . . . Cartoon in the New Yorker (Sept. 21) shows wife opening mail, saying to husband, "My goodness! It's a check from George Bush for $150,000 to fix the screen door." . . . Weekdays at6:10 a.m. and Saturdays at 8.10 a.m., I answer your money questions "live" on WBAL-TV (Channel 11). Call 481-8844 . . . "A Brief History of Stock Market Fads" in Forbes' 75th Anniversary Issue, Sept. 14, is worth reading. ("All nifty in their day: cigars, aviation, pyramids, uranium, bowling, gambling, hula hoops, conglomerates, 'one-decision' stocks, Japanese stocks. Only way to play it: Get in early, get out too early.") . . . Ticker warning: If you expect a retirement check or shares of stock, watch your incoming mail closely. Both often arrive in plain envelopes to prevent theft. A Baltimore retiree told me that he almost inadvertently threw out an envelope with $550,000 worth of a well-known stock in it . . . "If you buy a cow, take the tail into the bargain." (Thomas Fuller) . . . "When the well's dry, we know the worth of water." (Benjamin Franklin) . . . "Our life is frittered away by detail. Simplify! Simplify! Simplify!" (Henry David Thoreau) . . . "Wall Street Week With Louis Rukeyser" tomorrow hosts Citicorp Chairman Emeritus Walter Wriston, with panelists Alan Bond, Bernadette Murphy and Carter Randall. The program airs on Channels 22 and 67 at 8:30 p.m.