Word: trust
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Dates: during 1940-1949
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Cousin Cissy's estate included not only the Times-Herald but also about a one-eighth interest in the Patterson-McCor-mick family trust, whose 2,000 shares control both the Chicago Tribune and the New York Dotty News. Under Cissy's will, the stock was part of her residual estate, earmarked for such charities as Chicago's Children's Home and Aid Society and the Cradle Society. But it looked as if the stock might have to be sold to help pay inheritance and estate taxes. That posed for Colonel McCormick the horrible prospect...
...Murphy shouted: "Alger Hiss was a traitor. Another Benedict Arnold. Another Judas Iscariot. Another Judge Manton, who was in high places and was convicted right here in this building . . .* Someone has said that roses that fester stink worse than weeds. A brilliant man like this man, who betrays his trust, stinks. Inside that smiling face is a heart black and cancerous. He is a traitor...
...original trusts were all "closed"-i.e., they had a fixed capital for investment. As their shares were traded in the open market, the prices did not necessarily reflect the value of the assets they represented ;- in bad times when few wanted to buy, the shares would be well below their actual values. The open-end trust was not invented until 1924, when Boston's Massachusetts Investors Trust was formed...
...grown to 68,000 stockholders and assets (as of last week) of $211.1 million. Over the years it has paid out about $14 million from capital gains and nearly $100 million in dividends. Though it has large blocks of stock in more than 125 companies, it follows investment-trust practice by keeping its fingers out of management...
...large blocks of stock (for fear of breaking the market), hence it does not offer investors much chance for quick gains. This fact was spotted by Minneapolis-born Sidney L. Sholley, a statistician and financial analyst who had settled in Boston. In 1932, he organized a new Boston-type trust called Keystone Custodian Funds, Inc., which offered customers as conservative or as speculative a program as they wanted. If their main interest was income they could buy any of four bond funds, or two preferred-stock funds; if they wanted to gamble for quick profits they could choose from four...