Word: crashes
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Dates: during 1960-1969
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There was small comfort for air travelers in four Civil Aeronautics Board crash reports issued last week. They seemed mostly to indicate the diversity of ways in which people can be killed while flying. The CAB findings...
...Eastern Air Lines Electra crash on Oct. 4, 1960, just after take-off from Boston's Logan International Airport (62 dead, 10 survivors), was probably caused by starlings sucked into three of the aircraft's four Allison turboprop engines. The birds' bodies clogged the turbines so that power was insufficient to keep the Electra airborne. Two Federal Aviation Agency scientists had already raised an eerie possibility. Wrote they after studying sound patterns: "The Electra sound spectrum contains an audible chirp which appears identical in frequency and wave form to the chirp of field crickets. Field observations strongly...
...continuing drain on U.S. gold reserves (which last week dropped $90 million to a 23-year low of $16.2 billion) is sure to revive the argument-much favored by the British press-that eventually the U.S. will have no choice but to raise its gold price. The worldwide market crash has made securities less attractive and gold more so as a repository for spare capital. And not least important, once a man catches gold fever he is apt to suffer from it for the rest of his life...
...swept up in panic." And George Whitney, a trustee of Massachusetts Investors Trust, believes that in the long run Blue Monday may have the same effect on the funds as the 1937 downturn -which produced a 13% sales gain for M.I.T. If nothing else, however, the post-crash performance of the mutuals should serve as a reminder to investors that a careful study of the track record is just as necessary in buying fund shares as in buying common stocks...
...that try to strike a happy medium between income and growth also showed up considerably better on the whole than the Dow-Jones average. Assets of Investors Mutual, the world's largest fund, which is managed by Minneapolis' Investors Diversified Services, were cut onlv 11.3% by the crash. Explains Mrs. Ruth Axe. president of New York's Axe-Houghton Funds, whose balanced Fund A is off only 14.8% : "We had stocks of better earnings ratios which were less vulnerable...