Word: hancock
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Dates: during 1960-1969
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...year ago, some 20 U.S. life-insurance companies were in the mutual-fund business. Today, the number exceeds 50. Last month Boston's John Hancock became the biggest insurance company to get into the act by announcing its own mutual fund. Last week Illinois-based Franklin Life Insurance Co. said it plans to acquire control of California's Channing Financial Corp., a holding company with properties in both mutual funds and insurance...
...Years. Such diversification, says John Hancock President Robert E. Slater, is a response to the fact that "the marketplace is saying it wants more equity investments." To get that equity, the public has shown a mounting interest not only in mutual funds but also in individually selected securities and even ordinary (but interest-yielding) savings accounts. As a result, life insurers have been drawing an ever smaller share of the average American's savings dollar - only...
...Francisco to Boston, apartment and commercial projects are growing to an unprecedented size and complexity for their areas. In congested downtown Chicago, a 100-story hive of offices, stores, apartments, restaurants and parking space is climbing toward completion next year. For a few years, the $95 million John Hancock Center will be the world's second-tallest (1,107 ft.) building, after Manhattan's Empire State Building (102 stories and 1,250 ft.). Last week beneath the street level of Lower Manhattan, workmen were pouring 3-ft.-thick concrete foundations for the future champ, the Port...
...nine months realized a $200,000 profit. As the Government grew and the housing demand picked up, Wolman's fortunes soared. Just 16 years after arriving in Washington, he was worth $35 million, on paper. His real estate holdings stretched from Philadelphia to Chicago, where the John Hancock Life Insurance Co. helped finance a Wolman scheme for a 100-story office-residential building...
Short of Sources. Then, last December, Wolman began running short of money sources; he sold John Hancock his interest in the Chicago skyscraper for $5,500,000, getting only half his investment back. Now his other holdings are also threatened-including millions in real estate, Philadelphia's Connie Mack Stadium and the Yellow Cab companies of Philadelphia and Camden, N.J. In addition, he has overdrawn his bank accounts by $85,000, is $226,000 behind in paying his insurance premiums and owes $182,000 in back taxes...