Word: brokering
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...excitement. "Sitting on money was no fun any more," says Steven Geringer, vice president of a Nashville organization that helps schools with fund-raising drives. "Everybody wants to gamble again." Complains Scott Stern, an executive for an Atlanta firm that owns bowling alleys: "A few weeks ago my broker called me three times a day with stock tips. Now phoning him is like trying to call an airline in December." Because shareholders suddenly feel richer, the stock rally could help boost consumer spending and give a lift to the entire economy...
...brokers who work the floor of the Big Board, the past two weeks have been as exhausting and exhilarating as a triumphant run in a marathon race. Never have they logged so many miles rushing between the buzzing telephones along the walls of the exchange and the bustling trading posts in the middle. Never have the stock prices, which are flashed in green on the electronic tapes overhead, surged, dipped and surged again with such stupefying speed. Never have so many big deals been executed one after another. "It feels like you can never get done," says Harry Buonocore...
Although Wall Street still projects an image of shouting brokers and mountains of ticker tape, Rolland and his staff conduct their business with quiet, microchip efficiency in a Chippendale-furnished office. Seconds after the Chemical Bank group decides on a stock to buy, an order is called over a tieline telephone link to a Wall Street broker, who transmits the order to floor traders at the New York Stock Exchange. The transaction is registered quickly in the mammoth computers of the stock exchange, which have the capacity to handle deals for up to 150 million shares a day. A phone...
...sailors seem up to their challenge. Desmond Hampton, 41, a handsome London real estate broker, has chartered the 56-ft. ketch Gipsy Moth V from the family of the late Sir Francis Chichester. Hampton's only companion will be a tiny stuffed koala bear presented to him for good luck by his daughter. Guy Bernardin, 37, a French business executive who will skipper the 38-ft. Ratso II, accepts the loneliness of the long-distance sailor. "For a race such as this," he says, "you must clear out all the responsibilities in your life. Anything can happen. You must...
...volume this year had been averaging about 52.3 million shares. The week's total volume of 455 million shares shattered the old record of 329 million set in March. In fact, more shares were sold last week than in the entire year of 1953. Said Samuel Kachel, a broker with Merrill Lynch, who was still answering his phone late on Friday: "I'm tired as all hell. This was an exceptional week...