Word: funston
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...Keith Funston, President of the New York Stock Exchange and former president of Trinity College, Hartford, Conn., will speak at the Business School today on "The Extension of Share Ownership in the United States...
...attract small investors and money that is now going into savings accounts, the New York Stock Exchange last week began selling stocks on a monthly (or quarterly) buy-on-your-budget basis. Under the plan, promoted by Exchange President Keith Funston, the investor signs up to pay his broker a definite sum (from $40 to $999) every month or every quarter. The customer is credited with as many shares and fractions of shares as his money can buy (less the regular commission of up to 6%). Stockholders will earn dividends even on their fractions of shares, but will have voting...
Last week Exchange members, voting on a proposal to increase commissions another 15%, turned it down by a vote of 573-532. Instead, the Exchange will try to boost volume through a plan suggested by President Keith Funston, a Wall Street newcomer: a way of selling stock to small investors on the installment plan. Under Funston's plan, a small investor who wants to buy one share of stock may do so by making a small monthly payment (minimum: about $40) to his broker. The money will be turned over to a bank, which will pool it with funds...
...When G. Keith Funston resigned the presidency of Connecticut's Trinity College twelve months ago to become president of the New York Stock Exchange, he frankly confessed that he did not know much about the stock market. But when he asked the professionals the question "Who owns stocks?", he found that they did not have the answer either. So Funston persuaded the Exchange to hire the Brookings Institution to find out who does own the 5 billion shares of stock in the 2,300 companies listed on the nation's 20 exchanges and in the 2,700 companies...
...Uproar. Last week, New York Stock Exchange President G. Keith Funston charged that the fees were not fees at all, but a tax: "If the [SEC] can impose this type of tax, so could every other Government agency . . . the Department of Agriculture might place a tax of so much per acre upon every farmer...