Word: amex
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Dates: during 1960-1969
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...recent years, the American Stock Exchange has more than lived down its old scandal-tinted image, but Wall Street conservatives still regard the Amex as a place where speculators seek action in risky, low-priced shares. Last week, in the first study ever made of investors who actually buy and sell there, the American Exchange looked like quite a tame market place. Based on a survey of 8,000 stock trading deals last May 25-a relatively quiet day in the market-the A.S.E. reported that: > Institutions such as banks, insurance companies and pension funds-whose securities business has been...
...year as clerk to a judge on the U.S. Court of Appeals, later went to work for a Wall Street law firm that specialized in investment problems. Eventually he moved on to serve as secretary and vice president of the Big Board under Funston. He was named head of Amex...
...Wesleyan, Etherington will take home much less than the $100,000 a year that he earns at Amex, but is so little worried about the loss of income that he hasn't even talked salary with the school's trustees. With an endowment exceeding $150 million, Wesleyan clearly picked Etherington for his executive rather than financial abilities, although, notes Trustee President Gilbert Clee, "No college seeking to be dynamic will ever have too much money...
Moderate Directives. Even normally unflappable governors of both Amex and the Big Board are disturbed by the turn. To head off speculation, they tried earlier this year a series of moderate directives. On certain speculative stocks-28 on the New York Exchange, currently, and six on the American-"stop orders," the device by which investors can automatically lessen losses by selling out when stocks drop to a pre-set figure, were ruled out. On some stocks (21 on the Big Board and 13 on Amex) special margin requirements were set. American Exchange President Edwin D. Etherington last week reminded investors...
...Amex President Edwin ("Ted") Etherington, who has successfully improved the exchange's once-tarnished image since he took over three years ago, called Smith's charges an "appallingly unjustified, unfair and inaccurate attack." Smith showed "a lack of understanding of the subjects involved," said Etherington, and exchange officers had unsuccessfully tried to explain to him how the specialist system works. At week's end Smith issued another attack on the specialist system, confirmed that he wants his stock to go back to the over-the-counter market, where there are no tours or free lunches but where...