Word: funston
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Dates: during 1960-1969
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Exchange has reached 9,800,000 shares-a level that former Exchange President Keith Funston had not expected until 1975. Some of the records being set are disturbing. Margin requirements are presently 70% for most stocks; yet loans from brokers to cover that remaining 30% have now reached a record $5,580 billion, and shrewder speculators can still get loans for as much as 100% of their purchase price from unregulated lenders...
Cynics argue that the speculative trend is inevitable until the law of supply and demand is repealed and human nature changes. But responsible men have begun to worry. Both Funston and American Exchange President Ralph Saul have warned their member brokers not to abet ill-advised speculation; in some cases the exchanges have stopped trading in risky stocks temporarily or require 100% margin. Giant Merrill Lynch, Pierce, Fenner & Smith recently dusted off an advertisement that reminds investors that Wall Street runs two ways. Securities & Exchange Commission Chairman Manuel F. Cohen has his investigators scrutinizing for possible fraud 45 companies whose...
...change went into effect, the Big Board's outgoing president, G. Keith Funston, warned brokers that they would have to start staying after school. "We are expecting our members," he said, "to use this period of curtailed trading hours to concentrate on clearing up the existing problem...
...lower fees, and smaller outfits, which want to raise them. Another problem is that, with 10 million-share days common, the tickers are obsolete and transactions take unnecessarily long. The biggest problem of all for the board of governors, and for Robert W. Haack, who this fall succeeds Keith Funston as president, is whether floor trading can be handled more efficiently by machine than by men; the exchange is considering moving to nearby New Jersey with automated equipment to escape New York City's stock-transfer tax. By its 200th birthday celebration, the speeches may well be made...
Haack's elevation, which is expected to be formally approved by the exchange's 33-man board of governors in May, will come none too soon. Because of Funston's lame-duck status, the Big Board has been more or less marking time in its imminent showdown with the Securities and Exchange Commission, which wants some basic reforms in brokerage commission practices-notably, the elimination of "give-ups," by which brokers doing business on behalf of mutual funds split their commissions. In fact, one reason for the difficulty in selecting a new president was the resistance...