INDUSTRY: The Glass Scramble

Not in years had there been such a scramble in Wall Street for a new stock. The stock: Owens-Corning Fiberglas Corp. Price: $35.75 a share. Total shares available: 630,000. The reaction: mild frenzy.

On the opening day of over-the-counter trading, the first sale was reported at 44½. Twenty minutes later the price shot to 47. By day's end, it had steadied around 44, or 23 times earnings (more than double many "blue chip" stocks).

There was good reason for the enthusiasm over Owens-Corning, a pioneer and undisputed leader of the fledgling glass-fiber industry, and still only 23.8% publicly owned. Owens-Corning Fiberglas...

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