Word: bureau
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Dates: during 1960-1969
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After the Weather Bureau predicts a seven-day heat wave, a revised forecast that the torrid spell will last only six days seems good news of a sort. In that not-as-bad-as-we-expected sense, President Kennedy had some good budget news to announce last week. Only "a few hours ago," he told reporters at his press conference, the Treasury sent him word that the budget deficit for fiscal 1963 (which ended June 30) was only $6.2 billion. That is another hefty deficit to run up in peacetime, but, as Kennedy pointed out with pride...
...highest priority" need for reform, said the SEC group, centers in the "over-the-counter" market in unlisted issues, where the investigators accused some brokers and order clerks of "indifference, incompetence and venality." Prices on this market are published by the privately owned National Quotation Bureau, Inc. in daily "pink sheets" that brokers and bankers see but small investors generally...
While praising the "conscientious" bureau, the SEC report said: "In case after case, broker-dealers have abused the system by inserting fictitious quotations in connection with worthless securities to give an illusory value." One broker-dealer firm, for example, arranged to list fictitious quotes for the shares of Diversified Funding, Inc., while trying to push those shares to its own customers...
...January 1962, this variance alone caused Bank of America common stock to range in price from $61 to $64.25 and Pacific Power & Light to range from $56.25 to $60, depending on where the investor tried to buy the stock. The SEC group wants to put the National Quotation Bureau under SEC control, open its reports to the general public and let investors know the wholesale prices that dealers are paying...
Salaried executives-those French-cuffed "hired hands" of U.S. business-now outnumber self-employed professionals and businessmen on the higher income-tax rungs. The Bureau of the Census last week reported that the families of managers and salaried professionals now account for about half of those in the top 5% of U.S. incomes, while the self-employed account for only a fourth-an almost exact reversal of the situation in 1950. To be in the top 5% took a $9,000 income then; now it takes more than...