Word: broker
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There are a number of important factors that tend to hold down the amount of short selling. One is that the short seller has to deposit with the broker at least 70% of the cash value of the stock at the time of the deal, thus tying up his capital. Also, the seller has to pay to the lender any dividends issued on the stock during the period of the loan. If the stock value jumps, the broker can demand more cash, thus forcing the seller to rush for cover. Most important, any profits made on a short sale...
France, Viet Nam's old colonial master, might also have both the incentive and the influence to act as honest broker for negotiations. It became known last week that Secretary of State Dean Rusk had sent Paris a note painstakingly outlining proposals by which Hanoi and the U.S. could mutually withdraw from South Viet Nam. Yet on his subsequent trip to Cambodia, Charles de Gaulle urged that the U.S. quit Viet Nam and pointedly refrained from directing any similar suggestion to the North Vietnamese aggressors...
Married. Serena Russell, 22, debutante daughter of former. Vogue Publisher Edwin F. Russell and Lady Sarah Spencer-Churchill (Winston's cousin); and R. Stephen Salant Jr., 25, Manhattan commodity broker; in a tense ceremony at which the bride's parents tried to smile away the fact that Mom was just in from Reno, where she'd gone to sue Dad for divorce, and Dad had just gone to court to prevent Mom from taking three other daughters out of the state; in Southampton...
...market and put it into fixed-interest bonds which, largely because of the Federal Reserve Board's tight-money policy, are offering the highest rates in decades. Chief victims of this trend are the blue-chip stocks, eminently reliable but yielding relatively low returns. "Why," asks Atlanta Broker M. E. Ellinger, "should an investor put money in the stock market and get a return from A. T. & T. at 3½% when he can buy Trust Co. of Georgia savings certificates at 5%?" As a result of this attitude, dollar losses among many blue chips have been staggering. G.M., already...
Despite the market's overall malaise, investors can still do very nicely through careful shopping. "This is a 20% market," says lohn Zeisler, a Chicago broker. "One out of every five stocks is still going up." Along with the onics, there are other swinging investment areas. One is education, where a teaching revolution in methods and televised or computerized machinery is under way. Crowell-Collier has risen from 45½ to 51?, McGraw-Hill from 66¼ to 69, while shares of IBM, counting a three-for-two split and a new issue in May, have increased in value 5.1%. Recreation...