Word: mutually
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...month high of 974, the index fell back to close at 966. Such performances have become almost routine, and a different specific cause can be found for each failure to crack 1,000. But one underlying reason is that Wall Street misses the massed investment firepower that mutual funds once brought to bear on the market. Throughout the 1960s, mutual funds, which pool the savings of more than 8,000,000 mostly small investors, regularly raised growing amounts of cash with which to purchase stock by selling more of their own shares. But now money is draining...
...past 15 months, investors have redeemed-that is, sold back to the funds-more mutual-fund shares than they have bought. In the past six months, customers have pulled a net $950 million of their money out of the funds, putting the cash instead into savings accounts, real estate investment trusts and tax-sheltered municipal bonds. That does not exactly leave the funds broke; last year their assets exceeded $55 billion, equal to the combined assets of General Motors, General Electric, Jersey Standard and IBM. But fund managers can no longer dismiss the excess of redemptions over sales...
...problem is not so much too many redemptions as too few sales. Fund men believe that the rise in redemptions is at least partly the inevitable price of past success. Each month, people who became mutual-fund shareholders in the 1960s complete their investment programs and withdraw their money for such purposes as sending children to college. But the funds have signally failed to find new customers to replace these dropouts. Since early 1969, monthly sales of mutual-fund shares have been cut nearly in half...
...impressive corps of high-pressure salesmen, most of them employed not directly by the funds but by brokerage houses. Many lost their jobs in the wave of brokerage mergers and consolidations that swept through Wall Street in the past few years. Those who remain are less eager to sell mutual-fund shares now because they no longer make as much money out of it as they once did. During the 1960s, a mutual fund would often order a broker who executed a stock trade for it to surrender part of his commission to another broker who had been especially successful...
...Roman Catholic Priest Tom Lumpkin of Detroit. Lumpkin carried the blessings of Detroit's two auxiliary bishops, Thomas Gumbleton and Walter Schoenherr, who promised their "prayers in this just cause." >For three years Anglicans and Lutherans have been holding international talks to bring about a closer mutual relationship. Now the two teams of representatives have issued a joint report in London "unanimously" urging increased intercommunion, more joint worship and even integrated ministries between the two groups. The report notes that the two bodies now recognize each other as basically "catholic" and "apostolic." In the wake of Roman Catholic talks...