Word: marketing
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Dates: during 1940-1949
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High prices, the world's shift from a sellers' to a buyers' market and the reluctance of foreign traders to buy British as long as rumors persisted that Britain would devalue the pound, had cut deeply into Britain's dollar and gold reserves. The danger point, many Britons had long thought, would be reached if the reserves fell below ?500 million. Last week they stood at closer to ?400 million. To Cripps's many critics it looked as if the crisis was the final proof that his policies should be scrapped. They renewed their demands...
...original trusts were all "closed"-i.e., they had a fixed capital for investment. As their shares were traded in the open market, the prices did not necessarily reflect the value of the assets they represented ;- in bad times when few wanted to buy, the shares would be well below their actual values. The open-end trust was not invented until 1924, when Boston's Massachusetts Investors Trust was formed...
Instead of having a fixed number of shares, M.I.T. issued new shares whenever anyone wanted to buy-and thus kept increasing its investment capital. It computes the share price each day at the actual market value of the stocks then owned by the company (plus a salesman's commission, or "load," of 7½%). Whenever anyone wants to sell his shares, M.I.T. buys them back at a price calculated in the same manner, without commission...
...this quest has arisen the lustiest, fastest-growing phenomenon in U.S. finance: the investment trust, notably the "open-end" or "Boston-type" trust. Though the ailing securities market in general is barely breathing, the nation's investment companies sold $80 million worth of their own shares in the first quarter of this year, an increase of 26% over 1948. Said Edmund Brown Jr., president of Manhattan's fast-selling Fundamental Investors, Inc.: "May was the biggest month in our history and June was almost as big. Last year's business was around $10,000,000; this year...
...Improved economic conditions in Europe were reflected in the fact that the bottom had fallen out of the black market...