Word: assets
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Dates: during 1930-1939
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...year's turn, the net asset value of the 15 U. S. management trusts for which comparable figures are available stood 33% below the figure at the end of 1929. This was after adjustments for capital changes such as bond or stock retirements. During the same period the Standard Statistics stockmarket average, which includes 90 issues, showed a net decline of 36.9%. At first glance it would appear that investment trust managers did somewhat better than a blindfolded investor who picked his purchases by sticking a pin in the stock tables...
Atlas Corp. is the biggest U. S. trust ($103,929,000) and the most successful (asset value of its common stock has tripled since 1929). President Floyd Bostwick Odium entered Depression loaded with cash, kept liquid until bargains were plentiful, then bought other trusts by the dozen at heavy discounts from their asset value. Thus, in effect, he bought securities not at Depression lows but far below. Last year he cashed in on his paper profits to the extent of $11,000,000. Common stock dividends were initiated last September with a 30? payment, boosted fortnight...
General American Investors, jointly managed by the Manhattan banking houses of Lehman Brothers and Lazard Freres, showed a decline of only 1% in net asset value in the last six years against the average trust record of 33%. General American is one of the few big trusts that has called the stockmarket's major turns with any real success...
Lehman Corp. sold 1,000,000 shares of stock in 1929 for a flat $100,000,000 in cash. During Depression it found the most profitable use for its funds to be investments in its own stock, which sold at big discount from asset value. More than 300,000 shares were thus retired, and though Lehman's total assets are now only $62,700,000, asset value per share of common stock was more than $116 at the year-end as against $111 on the first day of business...
Mayflower Associates showed an actual gain in net asset value in the six years since 1929. Under the personal management of Robert Earll McConnell, a highly successful mining and patent promoter who gets a cut from the trust's profits, Mayflower goes in for special situations even more heavily than Atlas. It made a tremendous profit on Rhodesian copper stocks early in Depression, has always kept a large part of its resources in cash or Government bonds to catch a bargain when it flits by. Though total assets are more than $13,700,000 Mayflower stock is inactive...