Word: brokering
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...have also profited from the White House invasion. The Alpha Beta Supermarket, part of a chain, on El Camino Real takes in an extra $500 a week when the President is in town. Sometimes the White House orders put the manager, Leon Riley, on the phone to his food broker in Los Angeles, as the time when the chef ordered macadamia nut ice cream (it comes from Hawaii). "They've picked that up here and taken it back East with them," says Riley. And it took Alpha Beta a day and a half to get in Gruyere cheese...
...many men are hostile?though scarcely to the point of murder?some women are simply puzzled. "I don't know what those women are thinking of," says Posey Carpenter, a Los Angeles real estate broker. "I love the idea of looking delectable and having men whistle at me." Other women, offended by this week's national protest, are setting up counter-demonstration organizations. Mrs. Helen Andelin of Santa Barbara?a mother of eight?urges that Sept. 30 be made a National Celebration of Womanhood Day: each wife should wear her most frilly, feminine dress and should "sing before breakfast," serve...
...system is hardly modern. According to Wall Street lore, it began by accident in 1875, when a broker named Boyd fractured his leg. Unable to move around the exchange floor, Boyd stood in place near the post where Western Union shares were traded; soon other brokers began using him to handle their buying and selling in Western Union. Instead of milling around the post until they found other brokers ready to trade Western Union, they left their orders with Boyd and moved on to the next transaction. The system spread, and today there are specialists in all listed issues. Stock...
...When a broker cannot readily find a buyer for a stock that he wants to sell, the specialist in that issue is supposed to buy it, thus preventing the price from caving in. When demand for the stock becomes strong, the specialist is supposed to sell it. Trouble is, the exchanges do not require a specialist to keep a stock from moving widely up or down. As the generally worded constitution of the New York Stock Exchange puts it, he must merely help moderate the price changes between each transaction "insofar as reasonably practicable...
Conflict of Interest. Many floor brokers, mutual-fund traders and major brokerage firms criticize the system. For one thing, there is a potential conflict of interest because the specialist plays a dual role. He is both a broker for other brokers and a dealer for his own account. Though the specialist risks his own money, he stands to profit from his inside knowledge of the shifting demands for stock and from his commission on trades. As a broker, he is supposed to get the best price for other brokers, even if that means losing on his inventory of stock...