Word: open-ended
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...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 off a bit in the first quarter, in April they rose to $122 million, v. $113 million in April of 1957, and the funds expect 1958 to be even bigger than...
...growth has come in the open-end funds, whose assets total $9.5 billion (see chart). They are so big that some Wall Streeters fear that a wave of redemptions from worried investors might force a market break. But in all the recent sharp market breaks, the funds have bought, not sold, and thus given stability to the market. Recently the funds, thinking the market too high, were cautious about buying; of the 15 largest funds, twelve reduced their percentage of common-stock holdings in the first quarter...
FORD'S TOP BRASS will join with Wall Street's Lehman Bros, to form new open-end, i.e., unlimited shares, mutual fund. Lehman will underwrite and manage fund, will have it buy out Aurora Corp. (assets: $36 million), an investment firm owned largely by Ford executives. New fund, called One William Street Fund, will have Ford Chairman Breech and four other Ford veterans on 13-man board...
...SHARES will be sold by agents of a major life-insurance company for the first time. In Eastern, Midwestern and Southern U.S., salesmen of Ohio's Nationwide insurance companies will offer, in addition to their fixed-income policies, stock in Nation-wide's Mutual Income Foundation, an open-end investment trust, whose payments fluctuate along with cost of living...
Modern Developments. Meredith pioneered again when National Life became the first life-insurance company to offer open-end mortgages (i.e., letting homeowners reopen their mortgages to add the cost of home improvements) on a nationwide basis. It attracted widespread interest; again, about half the new mortgages are open-end...