Word: brokering
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...Rest or Peace. At issue was the case of Elliott A. Welsh II, a 28-year-old Los Angeles commodities broker who applied for draft exemption in 1964. In filling out the C.O. form, Welsh carefully crossed out the words "religious training," in part to show that he opposed war on broader historical, philosophical and sociological principles. When his application was denied, he refused induction and was sentenced to three years in prison...
...could, for example, examine the books of brokerages to determine if they were on the verge of insolvency, order changes in the way brokerages keep their books, arrange mergers to rescue troubled firms and, as a last resort, ask a federal court to appoint a trustee for a failing broker...
Observes a White House staffer: "Everything is funneled through these two guys. Haldeman is not at all interested in policy, and Ehrlichman is. This explains how they manage to get along. Ehrlichman views himself as a broker, a sifter of ideas, rather than an advocate." But he has taken substantive positions: in favor of Presidential Counsellor Daniel Patrick Moynihan's plan for a minimum annual welfare income, in favor of the conservationists who successfully blocked a Miami jetport in the Florida Everglades. He is as critical of the liberal press as Spiro Agnew, and once told a reporter who said...
...market's spectacular flip-flop last week. On Monday, prices fell faster than on any day since the assassination of President Kennedy; the Dow-Jones industrial average sank 21 points. By Tuesday night, after another large drop, the average was down to 63], its lowest since 1962. Brokers and investors, who had watched stock values drop $280 billion in the long bear market, expressed their total gloom in bitter jokes. Sample from a broker in Portland, Ore.: "I sleep like a baby. I wake up every hour...
...result, brokers are in a depression of their own. Relatively light trading volume and sagging prices have cut into their commission income. "Our switchboard operator is making more money than we are," says Joe Griffith, a Dallas broker. Bache & Co. recently laid off about 500 employees, and the American Stock Exchange dropped 100. Two major firms, McDonnell & Co. and Gregory & Sons, have closed their doors; several others are reported to be in trouble because of insufficient capital. A number of them may be forced into shotgun mergers. The New York Stock Exchange last week began steps to increase the trust...