My One and Only Stock Market
by MERTON A. HILL
My interest in the stock market developed some 40 years ago. My first purchase was 100 shares of
Budd Manufacturing (builders of railroad cars and heavy machinery — Budd has since been acquired by
Thyssen AG, West Germany's steelmaker.)
Why I selected Budd for purchase I will never know — probably because it appeared to be acting well on
the market. . . This is in itself not necessarily a good reason for buying. It should be supported by sound
background information. I was so green at this business I did not even know about brokers and brokerage
houses. I went to the bank where I had my account.
My banker disapproved of what I was doing but agreed to execute the purchase. I became the proud
possessor of 100 shares of Budd Manufacturing at $11 per share plus brokerage.
The price of the stock gradually sagged to 8 (or perhaps it was 6.) I kept this stock for several years and
finally sold it at 18 without any feeling of spectacular achievement.
With a growing family and not a large income, I dabbled as much as I could afford. When the Syntex star
began to rise I purchased 100 shares at 29 — sold at 43 — and watched it steadily rise to around 198 —
and split. Much later it sagged to 28 and remembering my previous experience at 29, I promptly bought
200 shares ... It slowly sagged to 18 where I sold. Did I get whacked! I should have kept this stock. At
this writing it is 33 and appears to be on the make, although the price fluctuates considerably.