The Story of Investment Companies.New York: Columbia University Press, 1959 Stock Code: 125342
Presentation copy to the chairman of the SECFirst edition, first impression, presentation copy, inscribed from the author to Edward Gadsby, the chairman of the US Securities and Exchange Commission, 1957-61, "To Edward N. Gadsby, able chairman of a vital government agency that has given American investors protection they never knew before" on the front free endpaper.
The Senate confirmation hearing of Gadsby (1900-1973) as chairman was reportedly one of the shortest ever held - 48 seconds. He resigned upon the inauguration of John F. Kennedy. Bullock (1898-1996) served as president of Calvin Bullock Ltd, a firm founded by his father, and headed over a dozen financial companies over the course of his long career. He was among the group of executives who helped write the law that regulates mutual funds, the Investment Company Act of 1940.
This volume is the first (and, until recently, the only) book on the history of the mutual fund industry, published just as mutual funds were capturing the public interest and becoming the fastest growing phenomenon of the US financial world. In this climate, the business "was full of hard-driving types, with ulcers", noted John Brooks in his profile of Bullock for the New Yorker. In contrast, Brooks continued, Bullock's firm "has somehow succeeded not only in maintaining an imposing serenity but in building up and preserving a reputation as a champion of conservatism and tradition". An excellent association copy of "a classic volume that will stand unchallenged as a source for the history of the mutual fund" (Zerden).
Octavo. Original blue cloth, spine lettered in silver. With dust jacket.
Spine ends and corners very gently rubbed, a few pencil annotations to text, else a near-fine copy in the soiled dust jacket with a number of tears and chips to extremities.
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