Word: netted
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...fate is Butler Brothers, one of the biggest U. S. wholesale houses.* Last week Butler's President Frank Simpson Cunningham told his stockholders that in 1935 their company sold $73,000,000 worth of hardware, cutlery, jewelry, furniture, notions, dresses, towels, etc., and retained $1,285,000 as net profit. That was a little better than Butler had done the year before, though below the figure for 1933, when rising prices helped boost profits...
...year's turn, the net asset value of the 15 U. S. management trusts for which comparable figures are available stood 33% below the figure at the end of 1929. This was after adjustments for capital changes such as bond or stock retirements. During the same period the Standard Statistics stockmarket average, which includes 90 issues, showed a net decline of 36.9%. At first glance it would appear that investment trust managers did somewhat better than a blindfolded investor who picked his purchases by sticking a pin in the stock tables...
General American Investors, jointly managed by the Manhattan banking houses of Lehman Brothers and Lazard Freres, showed a decline of only 1% in net asset value in the last six years against the average trust record of 33%. General American is one of the few big trusts that has called the stockmarket's major turns with any real success...
Mayflower Associates showed an actual gain in net asset value in the six years since 1929. Under the personal management of Robert Earll McConnell, a highly successful mining and patent promoter who gets a cut from the trust's profits, Mayflower goes in for special situations even more heavily than Atlas. It made a tremendous profit on Rhodesian copper stocks early in Depression, has always kept a large part of its resources in cash or Government bonds to catch a bargain when it flits by. Though total assets are more than $13,700,000 Mayflower stock is inactive...
Late in the period, Joe Hindle, wing on the Puritan second line, drove a fast one past the Eli net tender after an assist by Dan Burbank...