Word: funding
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Dates: during 1950-1959
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Your June 1 article on mutual funds was of particular interest to us as we have founded the first mutual fund in the Philippines and perhaps the first mutual fund in all Southeast Asia...
...about 30?. But just before they signed,Joseph Frederick, local president for 25 years, had an unusual idea. Among them, his 1,300 men have 2,436 children; 94 are of college age. but only 21 are in college. Why not forgo the wage hike, start a college fund for members' children? The men voted in favor unanimously: the employers enthusiastically agreed to kick in a 3% payroll tax. Result: $15,000 annually for four scholarships at Adelphi College, with more likely next year - apparently the first and only such union fund...
...photographer and a pianist. When her husband was head of a citizens' committee to aid St. Paul's Como Park Zoo, she sold the idea of painting the cages in colors that contrasted with the animals' coats. When a local weekly refused to support a hospital fund-raising drive with the enthusiasm she expected, she bought it and became publisher. She came out with strong editorials against Senator Joseph McCarthy, won a campaign to keep taverns open on Sunday...
Buying a Hat. Attracted by such fancy pickings, an army of more than 20,000 full-time and part-time mutual fund salesmen, ranging from schoolteachers to bartenders, are selling fund shares. Many of them know no more than their customers about the market, depend on a fast spiel and reams of charts to do their selling. Yet a good part-time salesman can make $10,000 or $15,000 a year in commissions, full-time salesmen up to $25,000. Says Miss Irma Bender, a top fund salesman for Cleveland's Joseph, Mellen & Miller: "I tell prospects that...
...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 one Union Dime executive: "I've never gone to any convention...