Word: paperworks
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Dates: during 1960-1969
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...shares in their portfolios far faster than they once did. And staid organizations outside the market are also coming in. Yale University two weeks ago announced that it was forming an investment company to plow more of its endowment money into lucrative common stocks. Such moves mean more paperwork for the exchange's 648 member organizations. But more active trading also means more commissions...
...they are stereotypes only because they exist profusely in life, as Novelist Kaufman came to realize in her 17 years of teaching. Her book is more than a gallery of grotesques; it evokes the frustration of the teacher smothered under a mountain of paperwork created by today's urban educational bureaucracies. In presenting the gallery without the guts, the producers offer an attractive movie while overlooking a potentially important...
...Wall Street, 1967 may well be remembered as the year of the brokerage-house Bob Cratchits. Responding to brokers' cries that their clerical ranks were folding under the paperwork generated by this year's unprecedented pace of trading, governors of the New York Stock Exchange last week held an emergency Monday meeting, ordered a "temporary" shortening of daily trading sessions from the normal 51 hours to four hours. The shorter hours, which are scheduled to continue through this week, were matched by the Big Board's smaller Manhattan neighbor, the American Stock Exchange, as well...
...current crisis-and brokers' calls for relief-peaked two weeks ago, when the Big Board shuddered to two 13 millionplus share days in a single exhausting week (TIME, Aug. 11). As an unwanted result, said one Manhattan broker, paperwork in brokerage firms was backed up "like the Long Island Expressway in rush hour...
...traffic is piling up in the brokers' "back offices," where batteries of clerks clear transactions and update customer accounts. When the surge in trading volume turned into a tidal wave, a number of understaffed brokerages were soon trying to explain delays and trying to do something about botched paperwork. At Philadelphia's small Gerstley, Sunstein & Co., Partner Thomas McCann is finding that staffers who have been putting in 15-hour stints "can't do this day after day without a degree of fatigue and a rising incidence of errors." At Manhattan's big Bache & Co., Vice...