Word: mutually
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Dates: during 1950-1959
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...proved so great that Lehman increased the offering to 16 million. The response amazed all Wall Street, which had no idea there was so much money available from small investors, particularly during a recession. Sparked by Lehman's success, Lazard Freres & Co. announced that it will start a mutual fund, the fifth to be launched since January...
Since 1940, when their policies came under SEC regulation, mutual funds have been among the fastest-growing of all forms of investment. More than 1,500,000 investors today hold shares of 168 diversified investment companies with a total net asset value of about $11 billion. The funds put more than $100 million a month into the securities market, hold about 3.8% of the dollar value of all shares on the New York Stock Exchange. The recession has scarcely slowed the growth of the popular "open-end" funds.* While sales of the mutual funds' shares were...
...blue chips. "Sure," says Joseph E. Welch, executive vice president of the $651 million Wellington Fund. "With the benefit of hindsight, an investor might have done better to put his money into some of the blue chips. But the catch is, which one should he have picked? Any sensible mutual-fund management will not claim they can perform miracles...
While no one makes a killing in mutual funds, the typical fund buyer is not looking for one. He is 55, says the National Association of Investment Companies, earns $6,542 a year, has mutual-fund holdings of $4,171, which he bought for retirement and protection against inflations. "The kind of people who buy mutual funds,'' says Edward B. Burr, executive vice president of One William Street, "intend to keep their shares ten, 20 years, or for life...
THRIFTY AMERICANS put record $1.7 billion into savings at savings and loan associations in first four months of 1958, up 27% from year-ago period. Nation's 520 mutual savings banks report that their deposits in April jumped by $92 million v. $7,000,000 in April...