Word: wall
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Dates: during 1960-1969
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First hydrofoil craft to enter regular commuter service in the U.S. is the good ship Albatross, which last week made her maiden voyage on the Port Washington, L.I.-Wall Streen run. Departure time: 8:20 a.m. She was laden with suburban-dwelling executives, plus a tape recorder, individual transistor radios, an electric shaver, ship-to-shore telephone, champagne and high hopes. But on the planned 50-minute trip from Club Capri Marina to lower Manhatten, virtually nothing went right...
...president of American Hydrofoil Lines. During a subsequent stop in the East River, flagged down by a Coast Guard patrol boat, Dowd clambered topside to report details of the rescue, lost his footing and slipped overboard. It was 9:55 a.m. when the Albatross spewed her tardy commuters into Wall Street, 45 minutes late. All declared themselves staunchly in favor of hydrofoil commuting, though it takes nearly as long and costs approximately three times more ($100 a month) than commuting from Port Washington via the overland route on the Long Island Rail Road. Three days afterward, however, the heroic Albatross...
...Wall Street is more than just a seven-block thoroughfare in Lower Manhattan: it is also a marketplace for 17 million investing Americans, a worldwide symbol of capitalism, and a national pool of money from which American business draws its financial sustenance. The Street has meant profit for many investors and grief for some, and since World War II has raised $43 billion for the expansion and modernization of U.S. industry. Any man can buy a piece of what Wall Street offers with a down payment of as little as $2, but the men who really run the Street, says...
...group found few outright abuses of the stock market's rules, but its recommendations struck deeply at five major areas (see box on next page) that make up the very heart of the market, promised the most sweeping overhaul of Wall Street since the Pecora investigation set up the SEC 30 years ago. The SEC recommended that trading in stock issues that are "unlisted" on any exchange be automated and perhaps made cheaper for the investor, and that the cost of trading in "odd lots" of fewer than 100 shares be lowered. It asked for closer regulation...
Long Overdue. Having been relieved last spring at the relative mildness of the first part of the SEC report (TIME, April 12), Wall Streeters were shocked by the sharpness of Part 2. Some grumbled that the criticisms and suggestions were "wild" and "unknowing." Said Floor Trader Edwin H. Stern: "The other floor traders think what I think. They don't know what to think." But after the first shock, many close observers of the market acknowledged that the proposed reforms are long overdue, would bring the market up to date and raise investor confidence...