Word: putnam
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Dates: during 1950-1959
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...DARK ANGEL (374 pp.)-Mika Waltari-Putnam...
...Putnam points out that purchase of common stocks increased during and immediately after depression days, in the hope of stepping up the rate of the return. During the inflationary war and post-war days, the common stock trend kept up. Harvard's common stocks made up 12.4 percent of the endowment fund at market value in 1932, 34.7 percent in 1941, and 49.1 percent in 1952. At book value, which is the initial cost to the fund for purchase, common stock made up 37 percent-and the largest single part-of the fund...
...Harvard Endowment Fund is by far the largest, at both book and market value. At market value, it is valued at 309 million dollars; at book value it is worth 246.3 million. Next closest of the four other colleges studied by Putnam is Yale, whose fund at book value is 137.2 million, followed by Columbia, with 103.9 million, Princeton, with 53.9 million, and M.I.T., with 45.1 million. The totals at market value are a good deal higher...
...Putnam notes that investment policies today seek to strike a balance between common stocks and a reserve of cash, commercial paper, and short-term Government bonds. Except for Columbia, common stocks at book value now make up between 30 and 40 percent of the funds of these institutions. At market value, they are, again, much higher: 51.7 percent for Princeton, and 46.9 percent for M.I.T., for example...
...Putnam notes that one reason for the increased emphasis on common stock investment has been the decline in return on bonds. While the return averaged five percent from 1886 to 1931, it dropped to four during the depression, and has risen to 4.5 in more recent years...