Word: millions
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Dates: during 1960-1969
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...Dallas' gruff, shrewd Real Estate Tycoon O. L. Nelms. For more than a decade, Nelms has placed advertisements in the personal columns of local papers saying, "Thank you, Dallas, for helping O L. Nelms make another million." Now he has an even bigger and better idea: he is creating a $5,000,000 fund to provide huge public cocktail parties with free food and drink for anyone who wants to attend. By spending only the income Nelms can give several super swingers a year from now till the end of time. "This would be a real nice...
...automation on the exchange, that still has a long way to go. Haack figures that the brokers can now "comfortably" handle a daily volume of 10 million shares. That is 23% less than the average volume they actually had to struggle with in 1968, and 72% less than the average daily volume of 36 million shares that Exchange Economist William Freund now predicts may be achieved...
...must resolve at least three basic problems. They concern not only market professionals but also the 26.5 million Americans who own shares directly and the 100 million who participate in stock trading through mutual funds, pension funds and trusts. First, the 642 brokerage firms that are members of the exchange have not yet cleaned up the back-office paperwork mess that since last June has kept the Big Board from conducting a normal 271-hour trading week. In addition, commission rates that member brokers charge to stock traders are under attack by the Justice Department, the Securities and Exchange Commission...
...troubles are coming to a head now because there has been an enormous growth in trading volume. An average of 13 million 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...
...housing corporation will be headed by Chairman Carter Burgess, former head of American Machine & Foundry, and President Ray Watt, a large West Coast builder. It aims to raise $50 million from large corporations and banks and a public sale of stock. Then it will invest most of the money in a number of partnerships of local builders and small investors. For every dollar that the corporation puts up, each local partnership will put up about three dollars. In addition, these partnerships will get FHA-insured loans under the National Housing Act for up to 90% of the costs of construction...