Word: investors
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Dates: during 1930-1939
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...that Pacific Gas & Electric stepped into the capital market last week for $90,000,000 of refunding money. But when a banking group headed by First Boston Corp. and Mellon Securities Co., Inc. floated a $75,000,000 bond issue for Eastern Gas & Fuel Associates last week, many an investor had to plough through an 85-page prospectus to find out what the company...
...Cook was the largest cash investor in the company and held no promotion stock...
Only U. S. corporation in which an investor could have made 116,900% on his money in the last ten years is Climax Molybdenum Co., world's largest producer of that elemental metal. In 1926 Climax stock could have been bought for 10? per share. Even as late as 1932 it changed hands at $1 per share-perhaps lower, for the stock has never been listed, was then unknown even to over-the-counter traders. Next year it sold as high as $15. By last October it was selling in the 80's, when the stockholders voted...
...twice the value of the assets behind them. Assumption was that any banker worth the name could, in a trice, make at least 100% on money entrusted to his care. When it was belatedly discovered that banker-managed investment trusts could lose money just as fast as any individual investor, a terrific public revulsion occurred. One result was the quick growth in the first years of Depression of the so-called fixed trust, an institution in which securities were bought & sold by an inflexible formula. In its early form the fixed trust offered a virtual guarantee that securities would...
...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...