Word: brokering
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Almost as Fortunate. In 1950, New York Real Estate Broker John J. Reynolds-the man who first interested Joseph P. Kennedy in Manhattan real estate-purchased a 50% share of Listerine royalties; the beneficial rights were later transferred to the Catholic archdiocese of New York. The 1950 price was about $4,000,000, and few investments have proved more profitable. In less than 16 years, the royalty payments on the 50% exceeded $13 million; this year alone the church's share is expected to reach $2,000,000. Two weeks ago, in order to obtain funds, the archdiocese sold...
...look for a new Secretary-General, none of the organization's members wanted to go through the traumatic process of searching for a replacement. Besides, despite the futility of his first term, U Thant had impressed the great powers that he was an honest, if bland, broker for the conflicts of the world...
...ranked player-behind Dennis ("the Menace") Ralston and Arthur Ashe; in the process, Richey beat both of Brazil's Davis Cuppers, Thomaz Koch, 21, and Edison Mandarine, 25. Cliff's victory seemed suspiciously easy to many observers, but U.S. Captain George Mac-Call, a Los Angeles insurance broker with no big-time playing experience of his own, was so impressed that he picked Richey to play singles at Porto Alegre, in place of Ashe...
...Board practice, actual stock prices are published, not including the fixed broker's commission. By contrast, an over-the-counter stock quoted at $40.50, including a 3% "retail markup," is actually worth $39.25. Because the buyer never knows the size of the hidden markup, the SEC said that the practice is deceptive and urged the National Association of Securities Dealers to publish true prices instead. The NASD objected, arguing that this practice would drastically cut profits and drive small dealers out of business...
...Fresh Egg. The only daughter of a wealthy rice broker in North Viet Nam and the wife of a civil servant, Mme. Xa grew up "studying like a man" in a house filled with rosewood and mother-of-pearl paneling and glass windows "as blue as the sky." Strictly chaperoned, she learned social work, painted landscapes, wrote poems to the Virgin Mary-and, at age 14, snatched away the billy club of a policeman beating a street peddler. Her family supported the Viet Minh war for independence, then was turned out of house and home by the victorious Communists...