Word: stocking
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Dates: during 1960-1960
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Those lucky investors who years ago put $20,000 into International Business Machines, or a similar growth stock, and have seen it soar to $500,000 today, do have some problems. How can they get their eggs out of the one big basket, spreading the risk by putting their money into a number of stocks, without paying the 25% federal capital-gains tax? To help investors out of this gilt-edged dilemma, two young Denver bankers, Ranald H. Macdonald, 36, and William M. B. Berger, 35, launched a new mutual fund that permits diversification without selling and paying taxes...
Macdonald and Berger found that Section 351 of the tax law says, in effect, that a person contributing assets or stock to form a new corporation can receive in return shares in the corporation equal in value to his original stock without paying a capital gain. Their first venture was Centennial Fund, Inc. In four months 191 investors turned in an average of $125,000 in securities to create a $25.8 million fund. In exchange for their shares, the investors got shares of Centennial, receive Centennial's earnings as dividends...
...setter caught on, Brunswick's stock began to climb, and Bensinger found it easy to trade the stock for new companies. He took over nine firms, including St. Louis' A. S. Aloe Co., the nation's second largest distributor of laboratory and hospital supplies (first: American Hospital Supply Corp.), MacGregor Sport Products Inc., and Owens Yacht Co., the second biggest U.S. builder of cabin cruisers, behind Chris-Craft. With the new companies, the bowling division's share of the company's total sales has dropped from 75% to about 60% in the past two years...
...negotiating to buy the fishing rights for a six-mile stretch of the famed Restigouche River in New Brunswick, where he hopes to set up a camp and catch the big Atlantic salmon that course up the stream each year. He can afford it: since Brunswick's stock has been on its steady climb, the 360,976 shares owned by him and his wife are worth over $25 million...
Eisenhower's statement also urged American officials in other countries to buy in the United States, even though higher costs are involved, Smithies reported. "This means that the commissary of the Paris embassy must stock California wine instead of French," he added...