Word: stocked
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Dates: during 1960-1969
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Vomit on Joy. Inside, several hundred security men were assigned to mingle with delegates and spectators while others stood vigil on catwalks overseeing the entire arena. There was even talk of putting men in subterranean service areas. Employees of the amphitheatre, the neighboring Stock Yard Inn and major hotels were all checked for security. Police from coast to coast were asked to inform the FBI as lead ing protesters left for Chicago...
...anything is sacrosanct on Wall Street, it is the fixed minimum commissions that brokers charge their customers for stock trading. So last week, when the head men of the New York Stock Exchange appeared before the Securities and Exchange Commission during its eight-week-old inquiry into brokerage practices, it was only natural that they denounced government proposals to change the system. Big Board President Robert W. Haack warned that abolishing the minimum rates would cripple the world's largest securities market, with damaging consequences for brokerage firms and investors alike. "I have no doubt," he said, "that...
Under the minimum-rate setup, member brokers of the exchange are required to charge investors no less than the fee prescribed by the exchange for every purchase or sale of securities. The actual amount varies with both the price of the stock and the number of shares traded. For example, a buyer must pay $44 in commissions to get 100 shares of a $50 stock, or $47 for 100 shares of an $80 stock. The Justice Department maintains that this amounts to illegal price fixing. Instead of rigid minimums, it wants free competition among brokers for setting the commission...
...against entirely abolishing fixed rates, the exchange this month offered instead to cut them by an average 19.5% on big deals (1,000 shares or more). That was primarily a defensive tactic, partly impelled by SEC proposals for slightly sharper fee reductions, starting with deals involving 400 shares of stock. Moreover, despite the exchange's supposedly inflexible minimum fees, the SEC hearings have shown that most brokers give up the bulk of their commissions on big trades through fee-splitting arrangements. One witness, Vice
...Wall Street's fears of fee competition, notified the SEC that it will soon submit more evidence to buttress its stand. Never before has the SEC faced such pressures for radical surgery on the heart of the securities business. Even if it should finally side with the stock exchanges, the Justice Department could force the issue into the courts with an antitrust suit. That is a prospect that makes Wall Street shudder...