Word: broker
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Dates: during 1960-1969
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Last week Brookings. acting in its role as "broker in ideas and men." dedicated a new $3,900,000 Center for Advanced Study to bring together scholars, officials, politicians, businessmen and journalists-all of them sorely in need of a chance to see the forest for the trees. Under a plan costing $13 million in all, Brookings aims to create Washington's first real Delphi-a place for probing the hidden patterns of modern society and assuring the "intellectual preparedness" of key Americans...
Talented Local. In the opinion of Bindo Missiroli, an insurance broker who founded the Bergamo festival in 1937 (it was interrupted by the war), post-Puccini Italians of both the verismo and the twelve-tone school are "still the world's greatest opera composers. In Germany the modernists use the voice as another instrument, seldom giving importance to the word. Italians want to under stand what's going on." The biggest hit of the festival last week was the world première of a 143-year-old one-acter titled Pygmalion, composed not by a modern twelve...
Died. Sara Delano ("Sally") Roosevelt, 13, daughter of F.D.R.'s only Republican son, Manhattan Investment Broker John; of an intracranial hemorrhage, after a horseback spill one day and a fall while hiking the next day at a girls' camp; near Utica...
...change means that investors need now put up only $700 instead of $900 to buy each $1,000 worth of stock. The other 30% of the price of the stock is bought on credit, covered by a loan made by the broker, on which the customer pays 4½% to 5% interest. The Fed's move actually affects a small-but important-part of the market, since only some 20% of all shares traded on the New York Stock Exchange are on margin. With less "down payment" required, an investor is now able to increase his stock holdings immediately...
...unfair. Says Isaac W. Burnham II, senior partner of Burnham & Co.: "To exact 90%, 80% or 70% margin on the world's most liquid collateral-listed securities-is outrageous. The Fed ought to set margins at 50% and leave them there; 50% is adequate protection for customer and broker...