Word: broker
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...this month's schedule. Northeast Airlines scrapped eight in one day. Last year delays cost the airlines $50 million. This year, in the Golden Triangle alone, they are hitting $1,000,000 a day. Uncounted-and largely unnoticed-additional losses come from air-cargo delays. New York Customs Broker Jack Hyams said that Kennedy Airport has freight stacked up "practically to the runway," with three-week delays for some local deliveries after shipments have been landed...
...though, admits one officer, "our founders wore them." Many secretaries employed in lower Manhattan's financial district live with their parents in Brooklyn, Queens and New Jersey, thus dress with far more restraint than their emancipated counterparts working in the midtown area. "That's why," says a broker at Lehman Bros.' Wall Street area office, "I love to be invited to lunch uptown...
...some consolation to other blue-water yachtsman to learn that Sumner A. ("My friends call me Huey") Long, 46, suffers from seasickness. It is certainly their only consolation, because Long, a Manhattan ship broker, is the world's most successful ocean-racing skipper. Between 1960 and 1967, Long and his 57-ft. yawl Ondine logged 150,000 miles, entering 66 races that ranged in distance from 19 miles to 3,190 miles -and winning 44 of those races either outright or on corrected time. That Ondine, rechristened Severn Star, currently serves as a training boat for cadets...
...began, the exchanges had given a bit. In separate but almost simultaneous votes, they agreed to accept "volume discounts" of an unspecified amount on large stock transactions. They also recommended outlawing the controversial practice of "give ups"-by which a large stock trader (usually a mutual fund) directs the broker executing the order to split his commission with another brokerage firm. Often such fee splitting is a reward for unconnected services such as selling mutual-fund shares; the Government maintains that the custom undermines the whole case for fixed commissions. "Confused." As lead-off witness last week, Vice President Robert...
Though last week's hearings barely scratched the surface of Wall Street's rate structure, broker witnesses shed some light on how much give ups cost them. Van Vechten Burger, managing partner of Manhattan's Pershing & Co., testified that his firm routinely handles stock orders from mutual funds for only 25% of the fee set by the Big Board, passes on 75% to other exchange members. Last year, he said, Pershing thus surrendered some $6.9 million of its $9.7 million take from mutual-fund and other institutional trading. Michael J. Heaney, a floor partner at the American...