Word: amex
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
Many brokers share Saul's alarm. "The high jinks on the Amex," maintains Vice President Bradbury K. Thurlow of Winslow, Cohû & Stetson, constitute "classic symptoms of irresponsible overspeculation in 'cats and dogs.' " Adds Research Director Stanley A. Nabi of Schweickart & Co.: "It's not only crazy but also unsustainable...
...jury in New York and the Illinois Crime Commission filtered tales of shenanigans by brokers, businessmen and even capital-gains-minded gangsters in a number of lively little stocks, traded mostly on the American Stock Exchange. The first official acknowledgement of the investigations came only this April, when new Amex President Ralph S. Saul announced that his exchange was looking into "alleged manipulative activities...
Pentron is only one of seven Amex-listed stocks that the SEC has been investigating for "churning" early last year. Leece-Neville Co., for one, zoomed from a 1965 low of $9.50 to $43.38 in April 1966. Another, Rowland Products Co., went from $8 to $48.75. The investigators' suspicions were aroused after the sudden collapse of Edward N. Seigler & Co., a Cleveland brokerage house whose month-old Chicago branch had been trading heavily in the stocks. And Kozak, as it happened, was Seigler's star customer's man in Chicago...
...Careless. In any case, the investigations-and the rumors-will continue, much to the dismay of the Amex and the other exchanges. They are getting bruised mainly because many brokers have grown all too careless with their customers-and their customer's men. Last week, to help brokers spot telltale signs of manipulations in the future, the Amex began issuing computerized weekly and monthly reports, which show how actively each of its 573 member firms have been trading in each of its 1,060 listed stocks...
Among more predictable differences, the Amex study showed that individual buyers paid cash for only 51.7% of their shares, compared with 79% on the Big Board. People over 65 make up a smaller share of the A.S.E. market (8%) than at the N.Y.S.E. (15%), as do women (19% as against 26%). Geography seems to have little influence over which market investors use. The A.S.E. drew 32% of its volume from New York State as against 29% for the N.Y.S.E. The No. 2 source of business, California, accounted for 9.5% at the A.S.E., 9.4% on the Big Board...