Word: cashes
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Dates: during 1960-1969
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...professionals have fared no better. George Miller, senior vice president of the San Francisco firm that manages the $544 million Commonwealth Group of Mutual Funds, encourages his analysts to invest with their own cash. "Virtually without ex ception, they are losing money now," he reports. Dr. Shannon Pratt, director of the Portland (Ore.) State University Investment Analysis Center, estimates that the value of his own stocks has dropped 23% since May-a period during which the Dow-Jones industrial average has gone down 15%. He invests largely in over-the-counter stocks, which rose faster than most listed shares during...
...Federal Reserve Board last week announced that loans at major banks declined in July for two weeks, dropping by $262 million to $78.3 billion. One consequence is that interest rates are beginning to lessen, if ever so slightly. A string of three big recent bond issues -Weyerhaeuser, National Cash and Dow Chemical-all sold at successively lower yields, ranging downward from...
...dropped more than 150 points since it reached the year's high of 969 in May. Last week it fell precipitously, closing at 818, lowest in 21 years. Many speculative stocks have been cut in half. The mutual funds are sitting on the sidelines, holding tremendous sums of cash and waiting for the market to hit a bottom. The slide has forced some brokers and bankers to make margin calls, and it is even pinching a number of big firms. As it scurried to raise new funds to meet New York Stock Exchange capital requirements, McDonnell & Co. went...
McKee's executives were flabbergasted. When the company bought a 94% interest in CTIP three years ago-for $1.5 million in stock and cash-the Italian firm was in shaky condition as a result of an unprofitable project in Egypt. Since then CTIP's net worth has risen 450%, to $5,000,000. It has won important new business in Latin America, Spain and Scandinavia, and added Gulf and British Petroleum as major clients...
Held As Hostage. Wall Street analysts are more worried about the glamour stocks of yesterday than about the blue chips. Mutual funds have been selling, and in some cases there has been distress selling inspired by the fear that customers will redeem their fund shares for cash. Even those inveterate bulls, the managers of go-go funds, are unloading stocks, and the hedge funds have been hard hit. Some money is being shifted out of stocks into bonds. People who buy stocks on margin have to pay 11% interest, but those who buy bonds collect as much as 8% interest...