Business: IBM for All

Compute it at 4 to 1

IBM, the Wall Street glamour stock whose price once soared to a lofty $733 per share, is finally coming down to earth. Last week the $18 billion-a-year computer giant announced a 4-for-1 stock split effective next May. That ought to bring the price of a single share down from about $284 last week to somewhere around $70—the lowest since 1932 and, for the first time in decades, within the reach of the average buyer. Says IBM Chairman and Chief Executive Frank T. Cary: "We want to make our stock more attractive to the small investor."

Why? IBM...

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