Word: funston
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Dates: during 1960-1969
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Exchange President Keith Funston denounced the tax as "discriminatory -even at the present rate," which collects an average of .2% on each transaction and nets the fiscally hard-pressed city $100 million a year; argued Funston, 70% of the N.Y.S.E.'s $73 billion annual business comes from out of state...
Offers poured in from more than 40 cities, as close as suburban Greenwich, Conn, (where President Funston lives), and as distant as San Francisco, all eager to grab the nation's largest securities market. Even if the city calls off the tax increase, the exchange seems inclined to move at least part of its operation. With computers, such work as data processing, stock clearing, accounting and records storage can be located anywhere...
...shareholders. Cities of under 25,000 population have the fastest-growing number of shareholders, minors are the fastest-growing age bracket in stock ownership (total: 1,280,000 owners), and housewives are the largest group (51% of all stockowners are women). Commenting on these figures, Stock Exchange President Keith Funston said that most of the stockholders are not speculators but rather people who buy stock and hold on to it, thus riding out the market's ups and downs...
...accuse G. Keith Funston, 54, president of the New York Stock Exchange, of not living in the computer age. He believes in computers as much as the next man, and in fact was telling a group of Clearwater, Fla., businessmen about the exchange's plans for a new building with all sorts of electronic gizmos. So the stockbroker is on his way out? asked someone. Well, no, grinned Funston. "Not until we find a computer that can make a decision and take a loss...
Similar to the American Exchange's "Am-Quote" system introduced last May, the Big Board's new system is symptomatic not only of the growing use of computers in American business but of the increasing automation in the stock market. Funston also hopes to automate trading in odd lots-fewer than 100 shares-which account for one-fifth of daily volume. When an investor places a small order, the broker will feed the information into a computer, which will execute the order at prices ⅛ to ¼ of a point above (buying) or below (selling) the most recent...