Word: investors
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Dates: during 1950-1959
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Keith Funston, president of the New York Stock Exchange, envisioned a gross national product of $600 billion by 1965, provided U.S. corporations can raise $360 billion for expansion. Funston warned that the man who should supply $30 billion of this amount-the private investor-is hindered by prohibitive taxes that have "locked in" $200 billion in unrealized capital gains that could be used for new investments. Funston called the capital gains tax "one of the harshest penalties on success this country has ever devised," suggested tax liberalization to attract more funds for investment in the nation's business future...
...supermarket of finance with 104 partners in no cities, Merrill Lynch handles everything from commodities to 10% of all trading on the New York Stock Exchange. Founder Charles Edward Merrill always took the gags as a compliment. Over the years, his driving ambition was to convince the small investor that he should buy a stake in the U.S. economy. Said Merrill: "America's industrial machine is owned at the grass roots, where it should be, and not in some mythical Wall Street...
...more, he also owns more. Per-capita savings have risen to $1,300 from $330 in 1939. Consumers' assets (including $200 billion worth of stocks, equities in life insurance and pension funds, etc.) are worth $600 billion, more than four times the 1939 level. Unlike 1929, the U.S. investor owes proportionately little ($2 billion) on stocks...
...McCutchen, who won the jackpot on both $64,000 shows, is putting the finishing touches on a cookbook. Shakespearean Scholar Redmond O'Hanlon, a Manhattan cop, will have a book of Shakespeare puns on the stand this spring. Alice Morgan, 78, who won $32,000, has completed The Investor's Road Map for Simon & Schuster. And Operatic Cobbler Gino Prato recently signed a second $10,000-a-year contract with a rubber company as good-will ambassador to U.S. shoemakers...
...Eastern alleged that it is improperly controlled by Howard Hughes, chief stockholder of TWA, through his 11% interest in the Atlas Corp., owner of Northeast. (Hughes fired off a statement denying the implications of the charge without denying the facts: "I own stock of Atlas Corp. as an investor, but I have no desire to take part in the management...