Word: brokering
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Dates: during 1960-1969
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...born in a little red brick two-story house in Brooklyn on November 25, 1890, the eldest son of a moderately successful real estate broker. It was thought that he might become a diplomat, or a doctor or lawyer. But the boy had the ravenous ambition of a restless Renaissance man: he decided to become all three...
Paper Snarl. Brokers' profits have also been reduced by the high cost of battling Wall Street's paperwork foulup, which for nearly two years has snarled delivery of shares from broker to broker and from broker to customer. The number of employees involved in securities processing for Big Board firms rose 36% last year, and average clerical salaries climbed 12%. In a belated rush, brokerage houses are investing more than $100 million a year in automated equipment...
Thurmond Shaddix, a bank clerk in Atlanta, bought the stock of a machinery-parts manufacturer, Breeze Corporations, at 20. When the shares hit 37 in May, he asked his broker if he should sell. The broker advised holding for larger gains. The price has since dropped to about 14, giving Shaddix a 30% loss on an investment that once showed an 85% profit. "I'm really burned about that one," says Shaddix, who also has a small loss in some blue chips...
...that the exchange must resolve in the next year or so to appease Government regulators. Under intense pressure from the SEC, it enacted a 7% volume discount on big block trades last year, but the cut was too small to please anyone. The Justice Department advocates scrapping the brokers' jealously guarded system of fixed minimum commission rates -which now range from $6 to $75 for every 100 shares traded, depending on price-and letting every broker charge whatever he can persuade customers to pay. The idea horrifies Haack. He contends, probably rightly, that it would discriminate in favor...
...crunch" talk-the word was on nearly every banker's and broker's tongue last week-delights the Federal Reserve. The board interprets the commotion as evidence that its tight-money policy is now beginning to force banks to make difficult decisions about what to do with their funds, instead of trying to dodge monetary discipline by scraping up money abroad. So far this year, the Federal Reserve has allowed the U.S. money supply to grow at an annual rate of less than 2%. That is sharply below the inflationary 11% growth allowed in the second half...