Word: saperstein
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Tatum never meant to be a professional basketball player. But Abe Saperstein, the sapient impresario of the Globe Trotters, happened to see him playing first base with Cincinnati's Negro American League Ethiopian Clowns last summer. Last week Tatum's extensible equipment was helping the Globe Trotters to be one of the most successful professional basketball teams...
...last week's world's championship final, the Chicago Bruins, owned by Pioneer Promoter George Halas (who also owns the professional football-playing Chicago Bears), and the Harlem Globetrotters, owned by Chicago's Abe Saperstein ("the Mike Jacobs of Negro sports"), put on the best show of the week. With only five minutes to play, the Bruins were leading 29-to-21. Then, with a blitzkrieg of crazy passing and shooting, the dipsy-doo Globetrotters bombarded the baskets, won the game (31-to-29), the title and $1,800 first-prize money...
...market (see p. 15), New York Stock Exchange President Charles R. Gay found occasion in Chicago to repeat the old argument for speculative liquidity, observing that "calculating, measured speculation has been a constructive force. . . .'' Right back at Mr. Gay came the Securities & Exchange Commission's David Saperstein with a distinction between market "liquidity" and "activity." Professional traders, said he, more often created the latter than the former because unless the market was already liquid they ordinarily would not play...
Accompaniment to these woodwinds of theory was the resounding brass of a world-wide market break more immediately illustrative of Mr. Saperstein's point than of Mr. Gay's. In London, where commodity prices cracked early last month after Franklin Roosevelt's pronouncement on their high levels (TIME, April 19), stock speculators rushed to sell on news of Britain's higher industrial profits tax. In New York the market slide which began in March became a small avalanche, carrying U. S. Steel common down 10 points to 98, Chrysler down 6, Allied Chemical down...
...David Saperstein, director of SEC's Trading & Exchange Division, is an old-time Pecoraman. Smart, he has hired Wall Streeters steeped in the lore of the tape to watch the ticker day in, day out for signs of manipulation. Whenever his tape readers smell a pool, squads of SEC investigators swarm into action. Technical Adviser Paul Gourrich was trained in Kuhn, Loeb...