Word: haack
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Dates: during 1960-1969
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LIKE all his predecessors, Robert Haack, president of the New York Stock Exchange, speaks proudly of the Big Board's "preeminent position in the securities industry." Then he utters what his predecessors would surely have deemed blasphemy-the thought that this dominance is not part of the order of nature but could be lost if the exchange does not adapt itself to "a totally new set of conditions." Largely because it has so far been highly resistant to just such a basic change, the Big Board is in trouble today...
...shares daily changed hands on the Big Board last year, or 21 times the total that exchange officials once expected to be reached in 1980. A rising proportion of the trading is done by institutions, for which the exchange's trading mechanisms and commission structure are ill adapted. Haack estimates that institutional trades now generate 50% of all commissions on his New York Exchange. Whether the exchange can hold this business against rising competition from other markets, such as regional exchanges, and whether it can handle the still greater trading volume that is sure to come in future years...
...security." Testifying before a House subcommittee, he counseled investors against being misled by "apparent improvements" in the earnings of aggressive conglomerates. "Those who are engineering the present wave of takeovers," he said, "appear to find short-term profits so tempting that they ignore long-term risks." Later, Robert W. Haack, president of the New York Stock Exchange, told another House subcommittee that he is becoming "increasingly concerned" about the real worth of debt securities that are being offered to the public in corporate takeover deals. Next day in Atlanta, Haack told a reporter that two companies have gone to such...
...many brokers have been more eager to pocket than to plow into necessary automation. Now, faced with a deluge of paperwork, they are taking the easy way out by turning down business from the small investor. So widespread is the move to eliminate the little man that President Robert Haack of the New York Stock Ex change, speaking to a group of civic leaders last week in Los Angeles, declared that the Exchange "vigorously deplores" the trend and might "be forced" to take action...
Likely to Quit. Having retreated from positions that the Big Board once vowed to defend, the exchange's Bob Haack gave no further ground in last week's testimony in Washington. He accused the Justice Department of "applying theoretical concepts without supporting facts." Unregulated rates, he said, would cause brokers to switch a good deal of trading from the exchange floor to their offices, creating splintered markets in which ordinary investors would have trouble buying or selling at fair prices. Chairman Gustave L. Levy of the N.Y.S.E. board of governors was even blunter. Justice's proposal...