Word: brokering
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Like other brokerage heads, Regan may now feel that he expanded his firm more rapidly than trading volume warranted. Last year he moved headquarters to a lavish building on lower Broadway. Two years ago he enlisted IBM to put in a computerized communications system with a terminal for each broker; the project has since been shelved...
...From a broker specializing in trading homes, Deffet became a builder. His success has been based on shrewd decisions about where to build, careful use of credit leverage available in real estate, and a timely merger with a paving and contracting firm. His refusal to discriminate has been no hindrance. As far back as 1963, long before federal open-housing laws existed, he was advertising each of his apartment projects as a "fair housing community, which practices open occupancy...
...collectively lost $75 million in this year's first quarter. Some 67 sizable brokerages are under surveillance by the N.Y.S.E. or Amex because their capital is running dangerously low; last week Weis Securities, a big Manhattan investment house, was put into the hands of a liquidating trustee. Says Broker Bradbury K. Thurlow: "I can't see why anyone in his right mind would keep money in this business...
...small investor from the market. Raising commissions, as one New York Stock Exchange faction is trying to do, he thinks is precisely the wrong strategy. Perot advocates instead a radical change in Wall Street's whole commission structure -basing fees not on how many trades a broker arranges but on how well his customers make out on their investments. "The typical broker," he says, "does not see himself as making money for his customer; he is after the commission he makes on his trades...
...investor in Scotch is heavily dependent on his broker. No daily price lists on Scotch trades are published in the U.S., and the Securities and Exchange Commission has been unable to establish regulatory authority over the business, although it contends that the warehouse receipts are investment contracts. Scotch plungers also are prey to arcane worries; for example, if much of the investor's whisky evaporates in storage, the price of his barrel goes down. If all the uncertainties drive an investor to drink, he cannot even readily imbibe his own booze. To bring it into the U.S. he would...