Word: stockely
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Dates: during 1970-1979
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Brokers' commissions on each stock trade have fallen drastically since May 1975, when the SEC outlawed fixed commissions and ordered brokers to negotiate with traders. The month before, commissions paid by institutional investors averaged 26? a share; now they average 14? and a big buyer or seller can bargain the rate down to as little as 5?. Commissions paid by individual investors have fallen much less-from 30? a share on the average to 28.5?-but that is small consolation to brokers. The vast bulk of their business comes these days from institutions, pension funds and trusts...
...Lance's case, the question is compounded by the fact that his loans-$5.3 million between 1975 and January 1977-were granted for the express purpose of enabling Lance to buy, with two partners, a majority share of the stock in his own bank. Federal law forbids banks to make such loans to their own officers, lest unscrupulous bankers use depositors' money to enrich themselves; but the law is silent about stock-purchase loans to correspondent bankers. Yet if a banker cannot borrow money from his own bank to buy its stock, why should he be allowed...
...corporate activity that the stock market's sag has not discouraged is the big takeover. Quite the contrary: partly because share prices are low, the number of multimillion-dollar mergers is rising. W.T. Grimm, a Chicago firm of merger consultants, counts a somewhat lower total number of mergers and acquisitions so far in 1977 than a year ago, but in the first six months of this year it found 20 cases in which a company proposed to pay $100 million or more for control of another firm, as compared with twelve bids of that size in the same...
...Marcor, the company that owns the Montgomery Ward department stores, and Atlantic-Richfield's $700 million buy-out of Anaconda, the copper-mining giant. Right now, Gulf Oil has offered $440 million for Kewanee Industries, an independent oil and gas producer; PepsiCo has bid $315 million in stock for Pizza Hut, a chain of franchised fast-food stores; and Anderson, Clayton & Co., a major food processor, initially offered $323 million, before later reducing its bid, to buy control of Gerber Products, maker of two-thirds of the nation's baby food...
...York-based maker of steam-generating equipment and builder of nuclear power plants (estimated 1977 sales: $1.8 billion). Early in 1977, when the company's shares were selling for $35, Babcock management rejected a tender offer from United Technologies Corp. of $42 a share for all its stock; opposition continued when the offer was raised to $48. Last week Babcock accepted a bid from J. Ray McDermott & Co., a New Orleans-based firm best known for its production of oil-drilling rigs, of $55 for 35% of its shares. At week's end United raised its offer...