Word: snarls
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...sure that higher commission income would really be used to alleviate the snarl of paper and general disorder in the back offices of many brokerage houses. There is a feeling in the SEC that brokerage houses in recent years have advertised for business from small investors without gearing up to handle them. The regulators question whether the small investor should subsidize such inefficiency in a fixed-price industry. The situation is bound to make small investors wonder whether the Justice Department may not be right in arguing that fixed commission rates ought to be eliminated...
...suddenly there was with the angel a multitude of the heavenly Host praising God" and singing Handel's Messiah. Though cynics may snarl "But who may abide the day of His coming?" they will be a small, silent (or at least ignored) minority. As Christmas threatens from Tokyo to Toledo, Messiahs are busting out again all over the world. The work is being staged, illustrated with color slides, tinkled through by tiny orchestras, blasted over by huge ones, shouted by great singers and squeaked by small ones. In New York and San Francisco, people are paying to sight-read...
...group of American young men who simply regard our remaining wildlands as obstacle courses for their machines. Anyone hoping to escape the filth and din of cities for the quiet beauty of our woods, mountains or deserts is in for a rude shock. He is greeted by the rattling snarl of trail bikes, dune buggies and the like...
...Paper Snarl. Brokers' profits have also been reduced by the high cost of battling Wall Street's paperwork foulup, which for nearly two years has snarled delivery of shares from broker to broker and from broker to customer. The number of employees involved in securities processing for Big Board firms rose 36% last year, and average clerical salaries climbed 12%. In a belated rush, brokerage houses are investing more than $100 million a year in automated equipment...
Computer Breakdowns. An obvious solution to the back-office snarl would be to computerize the transfer of securities among brokerage firms, thus converting a cumbersome manual task to a mere bookkeeping operation. The Big Board started a Central Certificate Service in February that is intended to operate as just such a clearinghouse. But computer breakdowns and other snags slowed the system until last week, when the C.C.S. resumed full operation. The brokerage business may face more financial woes before happy days return. Profits seem likely to continue their fall until rising stock prices bring an upturn in trading volumes...