Word: marketed
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Dates: during 1970-1979
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...Williams will still have to contend with some thorny issues. The most important is creation of a central market -which Congress mandated in 1975 without defining how the goal was to be achieved-that will somehow tie together all the nation's stock exchanges. One way to start would seem to be mergers of stock exchanges, and several are in the talking stage, but the SEC has not yet received a proposal. If it does, Williams will find the commission itself divided: one faction believes mergers would increase efficiency, another considers them anticompetitive...
...pilot program in Philadelphia, where options and the stocks that they are based on are traded on the same exchange. The SEC under Williams' direction will have to decide how much more expansion of options trading should be permitted, and which safeguards should be imposed to prevent market manipulation and the fleecing of unsophisticated investors...
...settle on just what kind of decontrol they will recommend, no one can judge the program's adequacy. But the portents are not favorable. The idea of keeping a "cap" on prices is unwise. It would interfere with what should be a prime goal of decontrol: letting the market adjust prices so that a B.T.U.* would cost roughly the same whether it was produced by burning oil, gas, coal or whatever. Only in that way can the U.S. get the most efficient use of fuels...
...same token, the prospective extension of price controls to intrastate gas is a bad mistake; it destroys that gas as a valuable yardstick of what the commodity really is worth in a free market. Since price is the quickest means for conservation, year-by-year increases in gasoline taxes could eventually curtail unnecessary driving and force more use of mass transit. Unfortunately, this is one of the proposals least likely to be in the final program...
...with his The Nutcracker and Sleeping Beauty, he is always conscious of the ingenious nature of the composer's orchestrations, yet never tries to overcome the music's essential dance quality with virtuoso orchestral tricks. A delightful album, and by far the best Swan Lake on the market. William Bender