Word: manhattan
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Dates: during 1950-1959
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Some 2,000 of the nation's top businessmen who gathered in Manhattan last week at the meeting of the National Industrial Conference Board took their annual look at the state of the U.S. economy. Their report was still another confirmation that the U.S. is in the early stages of a new boom. The businessmen thought that a steel strike might slow the economy's pace somewhat in 1959's second half, but not enough to take the zip out of industry-or prevent it from hitting new peaks in many important sectors...
...shareholders and total assets of $634 million. Founded in 1950 to take over management of the United Fund series, it is run by Cameron Reed, who concentrates on administration and sales from his Kansas City office, and New York Broker Chauncey Waddell. ¶ Lord, Abbett & Co., of Manhattan, was brought into the fund field in 1932 by Andrew J. Lord, who was killed when his horse threw him in 1946; it is now run by humor-loving Harry I. Prankard, 56, the author of several books on accounting. It manages one balanced and one common stock fund with assets...
...gains (M.I.T.'s own growth fund). ¶ The balanced funds (Philadelphia's Wellington Fund), which keep their money in both stocks and bonds and shift the balance as the market changes. ¶ The income funds, liked by elderly or retired investors, which concentrate on high-yielding stocks (Manhattan's National Securities...
Hefty Charge. For years brokerage houses avoided the funds like the plague, fearful that they would hurt regular brokerage business. But most of them have come around. Main holdout: Manhattan's huge Merrill Lynch, Pierce, Fenner & Smith, which has never even deigned to mention the funds' existence in its financial letter...
After the monthly trustees' meeting last week, 350 officers, employees and guests of Manhattan's Union Dime Savings Bank gathered at the Hotel Pierre to celebrate a gala occasion. Union Dime was 100 years old, and over the years it had gone from piggy-bank size to the nation's 15th biggest mutual savings bank with deposits of $485 million. In a way too the party was in honor of a man. At 66, Union Dime's President John Wilbur Lewis had spent 48 years at the bank, helping it grow and growing with it until...