Word: funston
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...Warnings to small investors against heedless speculation, delivered by New York Stock Exchange President Keith Funston and others, have had some effect. But the disappointing performance of the growth-stock companies probably did as much as anything to deglamorize them. Many just did not live up to their great (but exaggerated) profit expectations. Transitron, which made its debut last year and quickly scaled to 60. is now down to 24 because 1960's black ink has turned to red. Pale profits in vending machines have sent Vendo down more than 50% from March's peak...
...money for its general investigation, but the question that bothers Wall Streeters is how the commission will ever find the time or the staff-even with $750,000-to handle so big a job. In his testimony before the subcommittee. New York Stock Exchange President Keith Funston argued that the heavily policed Big Board does not need probing and opposed any overall investigation. "We think it would be unwise," Funston said, "to direct the SEC to undertake broad new studies if these will divert its energy from the inquiries presently under way. It seems to us it is more important...
Some of the scrutinizing was being done by the keepers themselves. For the second time in two months, New York Stock Exchange President Keith Funston warned against "unwise speculation" in low-priced shares and new issues-speculation partly fueled by the highest level of market loans ($5.2 billion) since the beginning of the Great Depression. More worrisome for Wall Street was the announcement by a House of Representatives subcommittee that it planned to investigate both SEC and stock-exchange practices to decide whether investors need to be protected with tighter security laws. On top of that, SEC announced a full...
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...