Word: brokering
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Dates: during 1960-1969
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...that they are legitimately and fairly made, the new law provides that anyone who wants to buy 10% or more of a company's stock must immediately identify himself and give a complete accounting of his negotiations and intentions. "Everybody is so scared of the SEC," observes one broker, "that they don't need to be afraid of the New York Stock Exchange...
...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...
...only are the large sheets difficult to file, but every time a broker places a buy or sell order, the actual certificates must be sorted out manually and delivered to the buyer by messenger. Because stocks have no uniformly accepted identification numbers, a single issue may be assigned one number by the issuing corporation, a second by the broker who is selling, and a third by the broker who is buying. Such hoary habits, coupled with an unprecedented volume in trading, have created so much paper work that the nation's stock exchanges have been forced to close down...
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...