Word: brokering
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Some badly needed reforms are already in the works. In order to remove their private-club image, the exchanges are opening formerly broker-dominated governing boards. This summer the New York Exchange chose a 20-member board divided equally between Wall Streeters and outsiders, mostly from corporations whose stocks are traded on the Big Board. In addition to senior executives of such giant companies as G.M., RCA and A.T.& T., the new people include Duke University Professor Juanita Kreps, the N.Y.S.E.'s first woman director, and outgoing Ambassador to Sweden Jerome H. Holland, the first black director. The exchanges...
...commissions, the SEC settled for a slightly altered version of the present hybrid system. Brokers must now bargain on commissions with customers who make trades worth more than $300,000, a slight cut from the previous minimum of $500,000. The SEC plans to reduce the cutoff point gradually to $100,000 by April 1974. Congressman Moss, on the other hand, wants to abolish fixed commissions entirely and have fees bargained between broker and investor on every trade...
...from one place to another inspecting nearly every home that is for sale. The most annoying part of selling a house is showing it to a steady stream of lookers, many of whom conclude at the first glance that they have no interest. Now Victor Klein, a real estate broker in Westport, Conn., has an idea that could eliminate most of the bother. Using an inexpensive Sony TV camera and playback unit that is simple to operate, he puts on video tape the interior and outdoor views of the houses that clients want to sell and shows the tapes...
...consolidations that swept through Wall Street in the past few years. Those who remain are less eager to sell mutual-fund shares now because they no longer make as much money out of it as they once did. During the 1960s, a mutual fund would often order a broker who executed a stock trade for it to surrender part of his commission to another broker who had been especially successful in selling the fund's own shares to the public. But the New York Stock Exchange banned such "give-ups" late in 1968. Now, the Securities and Exchange Commission...
...assassination attempts this year. "It's not safe to campaign any more," says Insurance Man Herman Allen of Indianapolis. More than half of those interviewed would actually prefer, partly for safety reasons, that the candidates campaign by television rather than by touring the nation. But Real Estate Broker Louis L. Lord of Auburn, N.Y., argues that "you don't really know a candidate till you have him on your home grounds...