Word: amex
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...Amex chief speaks up for a neglected constituency...
...last week inaugurated a new type of trading that brokers hoped would lure more small investors-and the commissions they pay -back to the market. Inspired by the success of the Chicago Board Options Exchange, first organized in 1973 as an offshoot of the Chicago Board of Trade, the Amex has brought trading in stock futures or "call options" to Wall Street...
...Amex is currently handling options trading in the shares of 13 companies, among them Du Pont, Union Carbide and U.S. Steel; it plans to increase its list to 20 stocks before long. Early investor interest was high, and Amex officials hope to do at least as well with options as the Chicago Board Options Exchange. C.B.O.E. members now collect commissions on an average daily volume of 40,000 option sales. Partly as a result, the price of seats on the C.B.O.E. has jumped from $10,000 to $40,000 in just 21 months...
...year's rate on the New York Stock Exchange, and a chilling 40% below 1972 on the American Exchange. The 549 member firms of the N.Y.S.E. collectively lost $75 million in this year's first quarter. Some 67 sizable brokerages are under surveillance by the N.Y.S.E. or Amex because their capital is running dangerously low; last week Weis Securities, a big Manhattan investment house, was put into the hands of a liquidating trustee. Says Broker Bradbury K. Thurlow: "I can't see why anyone in his right mind would keep money in this business...
...securities industry itself is stepping up efforts to woo the small investor back. The Amex, for example, is completing plans for its first nationwide ad campaign to sell individuals on the merits of buying stock. A turnaround in prices-which is not an unreasonable expectation if the economy continues to boom-would surely help such efforts. But because brokers have done such a thorough job of convincing the small investor that he is not wanted, they face a long campaign before they change his mind...