Word: wall
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
...bright young individualists who espouse the belief that the object is what is important, not what it represents. "We are going beyond abstraction," argues Robert Irwin, who at 40 is something of a guru to the group. Irwin's own works are illuminated disks set against a white wall. Others in the group vary widely but are united by a common dedication to "cool" materials far divorced from the conventions of oil paint and bronze-plastics, neon, acrylics, Plexiglas, aluminum. They also share a preoccupation with a visual illusionism that plays with space and color to make...
...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...
Parade of Charades. When Justice antitrusters aired that view last April in a formal brief presented to the SEC, the regulatory authority had no choice but to delve into an issue that Wall Street thought had long since been settled by the 1934 Securities and Exchange Act. Hoping to bolster its stand 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...
...some $150 million of their $2.5-billion-a-year commission income. Much of that money would then remain in the coffers of big institutional investors, indirectly enriching thousands of mutual-fund shareholders and pension-fund contributors. Brokers should be able to bear the loss: soaring trading volume has deluged Wall Street with profits. Last year the net earnings of Merrill Lynch, Pierce, Fenner & Smith, the largest U.S. brokerage house, jumped 25% to $54.6 million, as its operating revenue, mostly from commissions, climbed to $369 million. Profits at Goodbody & Co. rose 78%. The volume surge means that crack securities salesmen today...
...from clear whether the exchange's elaborate defense mechanisms will persuade the SEC to leave the fixed-commission system intact. At week's end the Justice Department, which takes a dim view of 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...