July 23, 2008

Stock day trading – Workers learned that their union pension funds included large blocks of sound common stocks.

And frequently the company they worked for offered them an opportunity to acquire its stock through one sort of monthly purchase plan or another. Various state commissions took a fresh look and decided that common stocks were safe enough to be incorporated in widows' and orphans' trust funds, traditionally the most conservative type of portfolio. And, on top of everything else, common stocks in the rising postwar market were paying off well. Interest on savings accounts was no more than 3”3¼ per cent. Stocks were paying at least 4, often 5, and in some instances 6 and 7. When they paid less than that, it was usually because their price had appreciated, which reduced the yield but pleasantly increased value.

Stock day trading – Workers learned that their union pension funds included large blocks of sound common stocks.

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