Word: broker
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...been Craig Breed-love's obsession ever since he was a car-struck twelve-year-old in Los Angeles and talked his parents into letting him buy an aged and battered Ford - "not to drive, just to work on." That was in 1949, two years after London Fur Broker John Cobb set a new land speed record, gunning his twin-engined, 2,500-h.p. Railton Mobil Special up to 394.196 m.p.h. Over the years, dozens of daredevils have tried to crack Cobb's mark, and few sporting pursuits have been so costly to participants in terms of money...
...bound by the exchanges' strict reporting rules. Over-the-counter trading has increased 700% since World War II, and accounted for roughly 38% of the $103 billion worth of stock sales in 1961. Some 1,100 stock wholesalers operate in the O-T-C market. When a broker places an order for a customer, the wholesaler either draws the unlisted stock from his own portfolio (each wholesaler "makes markets" in several issues), or telephones around to others to dicker for a deal. Since there is no clearing house, no ticker tape and scant supervision, ample room exists for imaginative...
While praising the "conscientious" bureau, the SEC report said: "In case after case, broker-dealers have abused the system by inserting fictitious quotations in connection with worthless securities to give an illusory value." One broker-dealer firm, for example, arranged to list fictitious quotes for the shares of Diversified Funding, Inc., while trying to push those shares to its own customers...
...Japanese-many of them housewives, factory workers and shopkeepers-own stocks. An average trading day on the Tokyo Exchange sees no fewer than 100 million shares of stock change hands. The trail blazer in this phenomenal growth of stock ownership is a jovial, pipe-chewing kabuya (securities broker) named Tsunao Okumura, who has fought public apathy, occupation forces, and the power of Kabutocho, Japan's Wall Street, to educate the Japanese public in the benefits of owning stocks...
...value, can be tax-valued at fractional catalogue prices to escape staggering death duties, and are often even more valuable than stocks as a hedge against worldwide inflation. In addition, stamps are easily transported from country to country, and, if need be, can be quickly disposed of. Wall Street Broker Alfred Caspary's 50,000 stamps were sold beginning in 1955 for $2,900,000, and represented a quarter of the value of his estate. The collection of Swiss Tobacco Magnate Maurice Burrus, from which the rare 2? Hawaiian came, will probably realize $8,000,000 when...