Word: stones
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Dates: during 1960-1969
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...When I first started, nobody listened," says Kenneth Ward, senior vice president of Hay den, Stone & Co., a Manhattan-based brokerage house. That was 37 years ago, when Ward was one of a hardy but much heckled band of analysts who presumed to forecast stock prices merely by reading lines on charts. Ward can hardly complain of the following that has since been won by Wall Street's chart-oriented technicians. Practically every house and mutual fund has one or more chartists in its research department, and thou sands of individual subscribers pay any where from...
...Little Giant. For all the P.M A. theatricals, Combined Insurance is efficiently run and rapidly growing. In 1967, it earned $19 million on $130-million-worth of premiums, largely by tapping a part of the market that most other insurers have overlooked. Stone developed the low-cost Little Giant health and accident policies that are sold without a medical examination or credit check, mostly to shopkeepers and employees of firms without disability income plans. For a $3 annual premium, the policy pays disability benefits of $15 a week for 15 weeks; most customers buy two or more policies. Sales...
Today, most of Stone's 3,500 salesmen memorize his sales pitch down to the last pause and wisecrack. Standard joke: "Why, we even pay off if your heart is broken." Following a technique that Stone developed, the salesmen walk through an office building from top to bottom, knocking on doors trying to sell everyone inside. The salesmen call this method "cold canvassing"; Stone predictably terms it "gold canvassing...
Giving It Away. The boss-a roly-poly man with thinning hair and a pencil-thin mustache-seems to enjoy appearing less than couth. Stone's frequent repetition of stock lines and his mispronunciations can be misleading. He is serious, bright and extremely shrewd. Though he delegates day-to-day authority to five top aides, he makes all the major policy decisions. His three grown children are all directors of Combined. Stone goes into the office only one day a week, on other days he works at home or travels-visiting the company's field men and preaching...
While he has a Midas flair for making money, Stone is equally skilled at giving it away. Last year the W. Clement and Jessie V. Stone Foundation, the fund that he shares with his wife, donated $4,500,000, mostly in the fields of mental health, religion and education. Characteristically, Stone helps those who help themselves: almost all of his grants require the recipients to raise some money as well...