Word: wall
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Dates: during 1960-1969
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...A.M.C. executives dancing all the way to the banks-the 24 banks to which A.M.C. at one time owed $95 million. Using some $20 million of the proceeds, the company has whittled the debt down to $28.6 million, expects to pay the rest by year's end. Wall Street seems to see that as a sure sign of turnaround, and last week the company was huddling with Manhattan moneymen over plans to raise $50 million in new capital. The badly needed long-term deal would be used to bankroll new dealerships and build new models...
Summer is a traditional time for exuberance in the stock market, but this season is one Wall Street would like to forget. Last week despite a feeble two-day rally, the Dow Jones industrial average fell 1.62 points, to wind up at 869.65. It was the fourth week in a row of steady losses that have erased more than half of the Dow's spring gains. From a peak of 923.72 on July 15, the average has dropped 54.07 points, reflecting a $7 billion loss in the market value of 30 blue-chip industrial stocks. Most other market indicators...
Forbidden Sales. The shrinking volume gave Wall Street a breather to dig into its massive paperwork pileup. Despite Wednesday trading recesses, which will continue at least for the rest of the month, the problem of undelivered securities and accounting confusion remains so severe that two organizations last week took drastic steps to overcome it. Merrill Lynch, Pierce, Fenner & Smith, the largest U.S. securities firm, imposed a "house rule" forbidding its salesmen to sell over-the-counter stocks for customers unless they first have physical possession of the certificates involved. The National Association of Securities Dealers, a trade group which polices...
Giving Up $150 Million. SEC pressure last week won a much more costly concession from Wall Street. For the first time in its 176-year history, the New York Stock Exchange proposed a reduction in its sacrosanct brokerage commissions. The cuts would apply only to orders involving more than 1,000 shares of stock. Even so, Big Board President Robert W. Haack estimated that the plan would cut U.S. brokers' total commissions about $150 million annually, or 7% of the $2.1 billion they took in last year from exchange trading. As of now, the same rates (varying with...
...year-old girl, could have uttered the bombastic speeches credited to her by the memoir. But the book was written in 1865, only two years after Belle was released from prison, by a ghost named George A. H. Sala. His style is implacably flossy; a hole in a prison wall, through which Belle passed notes, is referred to as a "mural disturbance...