Word: haacke
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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...
...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...
...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...
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...