Word: stott
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Dates: during 1940-1949
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U.S.S. Eliot, Nov. 12 (SOP)--"Well, to Stott with," the Sage exclaimed as he washed down his bread and Buttner with another glass of Sherry, "it's going to be a Tufts time for Jawn to beat the Jumbos, but I know he will make it plenty Warren for them...
...young Robert L. Stott, exchange board of governors chairman, thought all listed stocks should be sold on the floor, or what was a stock exchange for? So he cooked up the "special offerings" plan, spent ten months getting the SEC and exchange members to O.K. it. The commission on a "special offering" is six to twelve times that on regular sales, is ample incentive for any customer's man to get out and hustle. But it is less than a syndicate would charge for selling off the floor...
First test of this scheme was 2,958 shares of Bon Ami Co. B stock, an inactive issue. Last week, just 103 minutes trading time after the first ticker-tape notice flashed in U.S. brokerage offices, the last share was sold. To Stott, this was full proof that the Big Board can handle almost any stock-selling job. To the seller, it meant a big saving in commissions. Off-the-board commissions would have been around $6,000; commissions under the special offerings plan were $3,163-only 2.86% of the $110,555 deal. Thus, in effect, Mr. Stott...
...Exchange, asked permission of the Exchange's Committee on Member Firms to sell the Kennecott at |of a point under the last sale after the close of business that day. The committee passed the request along to the Committee on Floor Procedure. There it ran into Chairman Robert Stott, who was vexed at seeing so much rightful Exchange business done off the floor. He did some fast telephoning. Back to Union Securities went word that the Exchange could & would handle the sale...