Word: cash
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Dates: during 1960-1969
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Discount Prices. Last week Mates suffered an abrupt setback. He was threatened with a sudden run on his fund by investors wanting to turn their shares in for cash, and got unprecedented permission from the Securities and Exchange Commission to shut down for an "indefinite" period. With that, some 3,000 shareholders were locked into the fund. Though Mates' fund is a fairly small, if certainly spectacular member of the U.S. mutual-fund business (total assets: $55 billion), his travail is likely to make investors just a bit more skeptical about some forms of investment...
...They had been selling at a fantastic rate -often more than $1,000,000 a day-largely on the strength of Mates' well-publicized feel for hot stocks. The fund had to turn back business, Mates said, because bookkeepers could not keep up with the incoming flood of cash...
...field" conglomerate began turning up in the financial pages. According to one tale, it was about to take over 20th Century-Fox. Word of the SEC's investigation of Omega got out to a few well-informed investors, who quickly turned in their Mates Fund shares. Strapped for cash, Mates was forced to endure the fund manager's ultimate humiliation: he had to call on other funds to peddle parts of his portfolio at discount prices...
...general, the sequel (The Carpetbaggers Run for President) is a form favored by authors whose main interest is cash. But more and more serious writers are adding rooms and views to already created structures. In Numquam, Lawrence Durrell continues his story (begun in Tune) of the "thinking weed" Felix Charlock and his struggles with the vast Merlin corporation. Isaac Bashevis Singer transplants the children from The Manor in Poland to The Estate in America. Elsewhere in Europe, Sarah Gainham conducts what is left of her cast of Viennese characters from Night Falls on the City into the postwar...
...Steel, which in past years often seemed more interested in conserving cash than investing in modernization, has lagged behind some of its competitors in adopting the industry's two major postwar innovations: the basic oxygen process and continuous casting. When Blough took over in 1955, the company had sales of $4.098 billion and earnings of $370 million. Profits reached a record high of $419 million in 1957, but then began dropping off fairly steadily. Last year sales were $4.067 billion and earnings were down to $172.5 million. So far in 1968, the company has increased both sales...