Word: open-ended
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Dates: during 1933-1933
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Home of the cod & the bean, of Cabots & Lowells, Boston is also the home of the "open-end" management trust, a trust which continually sells its shares to the public but which also stands ready at all times to repurchase them at slightly below liquidating value. During the last three years boom-time trusts have often sold as much as 50% of their liquidating value. As a member of Massachusetts Investors' advisory board, Mr. Adams will be able to boast that not only was his the first "open-end" trust but also that in the last few years...