Word: mutually
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Dates: during 1950-1959
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...what was once a dim prospect takes the form of hard reality, strategic planners see that atomic deadlock does not offer a stark, final choice between absolute mutual destruction and perpetual peace based on absolute mutual fear...
...Mutual funds provided a route for small investors to put some $375 million into the market, and Wall Street did a good job of paving other investment roads. The New York Stock Exchange borrowed a page from the retailers' book; it started an installment-buying program that persuaded 26,000 new investors to put $63 million into buying stocks. Merrill Lynch, Pierce, Fenner & Beane, the largest U.S. brokerage house, fitted out three trailers as traveling branch offices, sent them touring the New York, Boston and Chicago areas, signed up hundreds of new accounts...
Aside from the surging public confidence, the greatest force for stock-market stability was the confidence of the big professional investors-the huge pension funds, insurance companies and mutual funds. Out of the $148 billion worth of shares listed on the New York Stock Exchange, an estimated 46% had already been tucked away by the funds and insurance companies, and more were being sopped up every day. Pension funds were growing at the rate of $2 billion a year, and about $400 million of that was being invested in common stocks. Mutual funds were growing almost as fast. While...
...England Mutual 30% of all life-insurance sales are now special policies. But while special policies cost less, they are harder to get. Most companies require stricter medical exams and one-year advance payment of premiums. One justification for lower rates is the lower cost of administration. The expense of handling an application and writing a policy, for example, is the same whether the policy is for $1,000 or $10,000. (One company has even started tacking on an extra handling charge for policies under $3,000.) Furthermore, says one Boston actuary: "Size alone is not the determining factor...
Another important reason for the high cost of insurance is that each insurance company works out its own mortality table, builds in one safeguard after another to pile up a massive reserve to protect itself against "catastrophes" and meet legal requirements. The mutual companies (i.e., policyholders participate in profits), which sell 70% of U.S. life insurance, pay out surplus earnings as "dividends" to policyholders. But to the policyholder, an insurance "dividend" is actually no earning. Says Northwestern Mutual Vice President Robert E. Dineen: "In our business a dividend is actually the return of an overcharge, and to that extent...