Word: funston
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Dates: during 1960-1969
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Observing all this bustle, New York Stock Exchange President Keith Funston decided that it was time to pin a red cross on speculators lest they get hurt. Disturbed by reports that many investors were scrambling to buy shares in firms "whose names they cannot identify, whose products are unknown to them and whose prospects are, at best, highly uncertain," Funston delivered a sharp warning: "It is impossible to get something for nothing. Stock prices go down as well as up. Don't invest on the basis of tips and rumors...
...were switching from sound to risky investments (often in the more volatile over-the-counter market) in the hope of a quick killing in the rising mar ket. Bankers, also concerned about the speculative spree, reported a startling number of fund transfers from savings accounts to brokerage firms. Funston's warning slowed the market down a bit; volume slacked off and prices steadied. But by week's end the market was off and running again. It gained 7.05 points for the week to close at 683.68 (on the Dow-Jones industrial average), less than 2 points below...
...practice of the New York Stock Exchange, its responsibilities have always ended-unlike the practice of the London Stock Exchange, which has a fund to protect customers of its members against loss because of fraud. But this time the exchange issued a precedent-setting statement. Said Exchange President Keith Funston: "The New York Stock Exchange feels that its moral responsibilities to these investors are not ended with the act of expulsion." He hinted that the exchange itself might make up financial losses suffered by Homsey customers, "particularly those of modest means...
...Federal Reserve Board set off a lively round of debate about the nature and function of one of the Street's most complicated safety valves. To many Wall Streeters, the cut from 90% to 70% seemed too little, too late. New York Stock Exchange President Keith Funston called it a "step in the right direction," but urged a bigger cut to "a more normal rate." Though most welcomed it, some brokers feared that the cut, coming when the market has been sliding, would only create doubts about the market's future...
...Funston believes this economic know-nothingness is not an insoluble problem. Nor is economics "too tough" for high-school minds, providing it is made "real and exciting." What is needed, says Funston, is more required courses and more and better teachers. As an example of what can be done, Funston cited the twelfth-grade teacher in New York's Nyack High School who collected 50? from each pupil to form an investment pool. Together the class conducted an enthusiastic search for the right company in which to invest their $18, finally bought one share of American Zinc (price last...