Word: paperworks
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Dates: during 1960-1969
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...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 and institutional investors. All of them contend that the cuts...
Medicare and Medicaid payments are no guarantee of profitability. The American Nursing Home Association says that Medicare paperwork has become so snarled that some homes are still waiting for reimbursement for their 1967 bills. All payments are subject to adjustment after Government auditors define just what nursing-home costs are "reasonable"; quite a few chains have not set aside reserves for possible rebates. Some flatly turn down Medicare recipients, whose payments for basic care generally range from $1015 a day. Private patients...
From their employees' viewpoint, the bosses of expanding corporate enterprises often disappear into the paperwork to become remote and impersonal figures of authority rather than flesh-and-blood leaders. Over the past dozen years, John M. Eckerd, 56, has created a Florida drugstore chain with $100 million a year in sales by taking the opposite approach. Eckerd gives zealous attention to the personal touch. "Employees make or break a business," he says. "They should be treated as individuals and not just parts of a wheel...
...destined to rise higher still. Investors switch their money out of fixed-yield bonds and into stocks, which are a better hedge against inflation partly because buyers think that they are. Inflation has contributed to both the stock market overspeculation and Wall Street's glut of back-office paperwork. * Because of rampant inflation, unions increasingly demand unlimited cost-of-living wage increases instead of limited boosts. Complains Paul Carmichael, a Pittsburgh electrical workers' official: "The ink is hardly dry on labor contracts these days before price increases make them obsolete...
Snarl and Slowdown. For the year ahead, there is apprehension over the persistent paperwork backlog, which has snarled delivery of securities. Overruling a last-minute plea from the Securities and Exchange Commission to reconsider, the nation's stock exchanges decided to switch from Wednesday closings, in effect since June 12, to shorter hours. Five-day-a-week trading, with closings at 2 p.m. instead of 3:30 in New York, will resume this week. Some brokers share the SEC's fears that the most severe effects of the paperwork jam are yet to be felt. Industry leaders, however...