Word: slaytons
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Trouble for Managed Funds began last July when SEC suspended Managed Funds' registration, stopped the sale of its stock. At fault, said SEC, were the fund's founders and chief officers, Hilton H. Slayton and Hovey E. Slayton. Although the Slayton cousins had built Managed Funds into a fund with 22,000 stockholders and investments of $80 million, SEC found that as Managed Funds' managers, the Slay tons left much to be desired...
Through their wholly owned company, Slayton Associates, the Slaytons were supposedly the investment advisers to Managed Funds, and collected more than $1,000,000 in five years for deciding what stocks the fund should buy or sell. In fact, said SEC, the Slaytons made no market decisions. They let Stephen M. Jaquith of Manhattan's Model, Roland & Stone brokerage firm choose what stocks to trade-and also gave Jaquith Managed Funds' brokerage business. Jaquith's commissions: $1,188,155. Another Model, Roland & Stone employee, who collected $240,831: Harold W. Smith, Hovey Slayton's brother...
...Does What. When the Slaytons stepped out under SEC fire, the control of Managed Funds was up for grabs. A New Jersey mutual-fund and investment operator, Morris M. Townsend, moved in quickly, took an option to buy the old Slayton sales firms if he won the proxy battle, hired Slayton salesmen to sell Managed Funds shareholders the Townsend case. The Channing Corp., headed by Kenneth S. Van Strum, which operates eight mutual funds worth $218 million, challenged Townsend. It pointed out to Managed Funds' stockholders that, if Townsend won, the Slaytons would reap another profit through the sale...
...wondrous fact: if a pair of monkeys, subject to the same physical stresses as man, could return safely from space, so could man. The first human to break the chains of the planet might be named Glenn or Carpenter or Schirra or Shepard or Cooper or Grissom or Slayton. These were the U.S. Astronauts, one of them to be selected as their nation's first space traveler. But whoever the man who returns from space, the way had been broken for him by a monkey named Able and another called Baker...
...with an impromptu dunking in underwater-survival school at a Navy base in Norfolk: Air Force Captain Leroy G. Cooper Jr., 32, Navy Lieut. Commander Walter M. Schirra Jr., 36, Navy Lieut. Malcolm S. Carpenter, 33, Navy Lieut. Commander Alan B. Shepard Jr., 35, Air Force Captain Donald K. Slayton, 35, Marine Lieut. Colonel John H. Glenn Jr., 37, Air Force Captain Virgil I. Grissom...