wsj_0266.xml
WSJ891101-0099
WSJ891101-0099
=
891101
=
891101
891101-0099
.
891101-0099
.
Letters
to
the
Editor
:
@
Innovators
Overlooked
Letters
to
the
Editor
:
@
Innovators
Overlooked
11/01/89
11/01/89
11/01/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
MUTUAL
AND
MONEY-MARKET
FUNDS
(
FND
)
MUTUAL
AND
MONEY-MARKET
FUNDS
(
FND
)
I
was
pleased
to
note
that
your
Oct.
23
Centennial
Journal
item
recognized
the
money-fund
concept
as
one
of
the
significant
events
of
the
past
century
.
Actually
,
about
two
years
ago
,
the
Journal
listed
the
creation
of
the
money
fund
as
one
of
the
10
most
significant
events
in
the
world
of
finance
in
the
20th
century
.
But
the
Reserve
Fund
,
America
's
first
money
fund
,
was
not
named
,
nor
were
the
creators
of
the
money-fund
concept
,
Harry
Brown
and
myself
.
We
innovated
telephone
redemptions
,
daily
dividends
,
total
elimination
of
share
certificates
and
the
constant
$
1
pershare
pricing
,
all
of
which
were
painfully
thought
out
and
not
the
result
of
some
inadvertence
on
the
part
of
the
SEC
.
President
The
Reserve
Fund