Word: mutuals
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Dates: during 1960-1969
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When will the stock market march back to its old highs? A possible answer: when the men who control the nation's 300 mighty mutual funds begin to buy in earnest...
...largest mutual-fund-management group, Minneapolis-based Investors Diversified Services (assets: $6 billion), this year has reduced its auto and steel shares while increasing its investments in noncyclical and service businesses. Among them: oil and gas companies, utilities, banks, personal-loan companies, food chains and some other retailers. Massachusetts Investors Trust, whose assets in 1966's first nine months declined 15%, to $1.9 billion, has bought some food companies, electrical companies and airlines. Sales by the funds lately have caused sharp drops in such stocks as Xerox, General Motors, Fairchiki Camera and Montgomery Ward, which early last week fell...
...letter to President Pusey, DeGuglielmo declared: "There reaches a stage in our mutual relationships where we cannot permit acts of pure animal savagery to continue...
After a year as deputy mayor of New York City, sharp-spoken Lawyer Robert Price, 34, thought it was time to turn his sword into a plowshare, resigned to become executive vice president of the mutual-funding Dreyfus Corp. "The only advice I can give my successor," he said, "is to work hard, stay clean, walk with your back to the wall and keep your Bible handy...
...over-inventory. Advancing technology had cut the cost of making microcircuits, but the savings had not yet been passed along to customers; for weeks there had been suspicions of an impending price slash, which presumably would be reflected in lower earnings. Morning after the Argus report, a big mutual fund, with its own pessimistic conclusions about Fairchild, offered a block of 100,000 shares; almost immediately, a second fund came in with another 100,000. Now everyone seemed to be selling Fairchild-and Texas Instruments and Motorola into the bargain. The M. J. Meehan Co., the Street's respected...