The Coming of F

Onto the New York Stock Exchange's big ticker screens one morning last week flashed a cryptic legend: "F 135 62." Immediately, the cavernous trading room erupted with cheers and popping flashbulbs. The symbol "F," unused since Consolidated Vultee Aircraft gave it up two years ago, now belonged to the Ford Motor Co., which at 10:02 a.m. on Wednesday began its first day of stock trading on the big board.

Before it arrived in the big time, Ford stock, held by 350,000 people, had been through seven weeks of seasoning on the over-the-counter market, a settling-down period required by the Exchange before listing a new stock. The seasoning had been hard on many over-the-counter brokers. Few of them get their income from stock-handling commissions, as do big-board brokers; instead, they buy stock with their own money for sale at a profit. But they found it hard to make money on Ford stock. Issued at 64 1/2 a share, it shot to 70 1/4. Then, for the next three weeks, it sank steadily to a low of 59 1/2. Thus many traders found themselves continually selling Ford at a loss. As Ford hit the big board last week, many over-the-counter houses were glad to be rid of it.

The seasoning period accomplished its purpose, however; the stock behaved calmly on the big board. Opening at 62 a share, it edged up, ended the week at 63 1/8.

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