Word: york
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Dates: during 1950-1959
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...management of a Canadian fund; it has 145,000 shareholders and total assets of $634 million. Founded in 1950 to take over management of the United Fund series, it is run by Cameron Reed, who concentrates on administration and sales from his Kansas City office, and New York Broker Chauncey Waddell. ¶ Lord, Abbett & Co., of Manhattan, was brought into the fund field in 1932 by Andrew J. Lord, who was killed when his horse threw him in 1946; it is now run by humor-loving Harry I. Prankard, 56, the author of several books on accounting. It manages...
...critics charge that the funds, along with other institutional buyers, have needled the roaring bull market to artificial highs, that their constant buying, chiefly of blue chips, has helped create the present shortage of stocks. The funds' answer: they hold only 3.4% of all stock on the New York Stock Exchange, and do not hoard it; they turn their shares over faster than the exchange as a whole...
...biggest attraction of the mutual fund to dealers and salesmen alike is the hefty "load" charge, or commission, usually 71% to 81% (compared with the 1% commission for round-lot purchases on the New York Stock Exchange). Many a customer howls when told of it. But the funds have a quick rejoinder: they argue that the charge includes the cost of selling out as well as buying, is the price of broad diversification and professional management. If an investor with $4,200 (the average size of a mutual fund holding) tried to buy a diversified portfolio of stocks...
...deposits grew, Lewis helped his bank find better ways to put the money to use. Bankers give him much of the credit for a new New York State banking law passed in 1950 that enabled savings banks to invest part of their assets in stocks. He was the first president of New York's Institutional Investors Mutual Fund, an open-end stock fund for mutual savings banks that now has assets of $46 million. With it all, he was an easy man to work for: friendly, outgoing, a delegator of responsibility who enjoyed calling his staff "my family." Says...
Born. To Margaret Truman Daniel, 35, daughter of ex-President Harry Truman, and Elbert Clifton Daniel Jr., 46, assistant to the managing editor of the New York Times', their second son; in Manhattan. Name: William Wallace...