Word: amex
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...Amex turned over its finding to the Securities and Exchange Commission, which was already conducting its own investigation of the Res, and suspended the Res as specialists after the SEC issued a complaint last May. Last week, after a year of further digging, SEC investigators agreed that something indeed was fishy. They filed a brief charging the Res with "deliberate and gross" violations of law that did "many millions of dollars of harm" to thousands of stockholders, urged the SEC to expel both men from the exchange and revoke their broker-dealer licenses. After further hearings, the SEC can also...
...only the cheapest but will rise the fastest. Thus, they shop around the American Exchange, home of many a budget-priced, volatile issue. (Almost all the exchange's most active stocks last week sold below $4.) Many of the stocks are low because young companies go on the AmEx; its rules for listing are easier than the Big Board's. The New York Stock Exchange insists that a firm have earnings of at least $1,000,000, plus 400,000 shares outstanding and 1,500 stockholders. The AmEx requires no earnings minimum, only 100,000 shares...
Yearling companies often go on the AmEx for "seasoning," hope to graduate to the New York Exchange. Last week, for example, Desilu Productions Inc., of TV's Desi Arnaz and Lucille Ball, joined the AmEx ranks. Even after they grow big and strong, some companies prefer to stay on the AmEx because it requires fewer financial reports, permits nonvoting stock to be listed...
...with the Old. Despite its frenzied week, the AmEx (the New York Curb Exchange until 1953) has mellowed since its raucous youth. From its founding, around 1850, until 1921, the exchange operated outdoors, as a noisy swarm of brokers and traders crowded Wall, Broad and Hanover Streets from 8 a.m. to sunset, in fair weather and foul. Because trading was done by flashing secret hand signals, whistling and shouting, the marks of a star broker were leathery lungs, a weatherproof body, and a canny ability to decode competitors' signals...
Gone are those bad old days. But some stocks have swung so widely on the AmEx this year that President McCormick is worried that tipsters and touters have been boosting some stocks. "No one should buy on market averages alone," warns McCormick. "Neither should one buy a security simply because its price has been rising or because it has a romantic space-age name...