Word: haacke
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Dates: during 1960-1969
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...stock trading. So last week, when the head men of the New York Stock Exchange appeared before the Securities and Exchange Commission during its eight-week-old inquiry into brokerage practices, it was only natural that they denounced government proposals to change the system. Big Board President Robert W. Haack warned that abolishing the minimum rates would cripple the world's largest securities market, with damaging consequences for brokerage firms and investors alike. "I have no doubt," he said, "that the securities markets as we know them today would cease to exist." The government and Wall Street thus reached...
...costly concession from Wall Street. For the first time in its 176-year history, the New York Stock Exchange proposed a reduction in its sacrosanct brokerage commissions. The cuts would apply only to orders involving more than 1,000 shares of stock. Even so, Big Board President Robert W. Haack estimated that the plan would cut U.S. brokers' total commissions about $150 million annually, or 7% of the $2.1 billion they took in last year from exchange trading. As of now, the same rates (varying with the price of the security) apply to each round lot of 100 shares...
Responding to strongly worded advice from President Robert W. Haack of the N.Y.S.E., several brokerage firms have begun taking direct action to cool the speculative fervor. E. F. Hutton & Co. announced that it will forbid its salesmen to solicit orders to buy stocks selling for less than $5 a share and will allow them no commission on such orders. Merrill Lynch, Pierce, Fenner & Smith, the nation's largest securities concern, said it plans to increase restrictions on margin accounts...
Though Lindsay's proposed increase was later trimmed to 25% in the state legislature, the Big Board was ready to make up with the Big Town only last week. Following legislation of a tax compromise, Exchange President Robert Haack announced that a search for a new site in Manhattan was being "expedited." Under the new measure, New Yorkers will continue to pay the current tax-1 ½ to 5 a share, depending on share prices-but out-ot-state stock sellers can look forward to a 50% cut in the tax over a five-year period beginning...
...beginning, Haack assigned "urgent priority" to starting a Central Certificate Service; it will eliminate up to 70% of the physical handling of stock certificates traded between brokers. Technical snags (notably computer programming) have already delayed the project two years, and last week the man in charge, N.Y.S.E. Vice President John R. Bermingham, 42, a computer expert, resigned after a personnel shuffle reduced his authority...