Word: money
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Dates: during 1960-1969
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Many brokers contend that it is right because the small investor does not pay his way. James W. Davant, managing partner of Paine, Webber, argues that the cost of handling stock transactions is rising so rapidly that brokerage houses lose money not only on the odd-lot business but also on the average "round-lot" trade of 100 shares or more. "It is unprofitable to serve the investment needs of the small investor," he says bluntly. Brokers make money on the really big trades-and those profits too have been...
...annual shoplifting take has doubled in seven years, to more than $2 billion in 1967, and early returns indicate that it will rise even higher in this year's season of heavy demand and light fingers. Detroit Detective Lieut. James Johnson says, "There's lots of money and good employment, but they're stealing everything from razor blades to fur coats. It's difficult to understand why there's so much shoplifting so early this year...
Christmas is also the busy season for pickpockets and con men, for the bogus-check casher, the passer of counterfeit money and the fraudulent user of credit cards. According to Police Lieut. Allen Gore of New York City, all of these criminals are difficult to spot. "No one looks like a pickpocket or a shoplifter," says he. "There are no 'types.' " Gore advises that the best way for men to protect their money is to carry it in a shirt pocket or the inside pocket of a jacket; women should bury their wallets deep in their handbags after...
...chairman of the House Banking and Currency Committee, Texas Democrat Wright Patman has made a career of jousting with U.S. bankers. Last week he thrust at their Swiss counterparts, whose secret subterranean vaults have long been the world's principal haven for nervous money-accounts whose owners are not anxious to admit ownership. After two days of public hearings, Patman called for legislation making it illegal for Americans to deal with any foreign bank that does not allow inspection of its records by U.S. regulatory agencies...
...many more are otherwise ordinary businessmen who play the Swiss numbers game to cheat Washington out of "tax revenues in the many millions of dollars." The various ways in which such accounts are used to avoid income taxes, said Morgenthau, "are almost as numerous as the ways of earning money" (see box next page...