Word: stocking
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Dates: during 1960-1960
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...THIRD STOCK MARKET in Manhattan, formed by 400 members of New York Mercantile Exchange (commodity futures), will be set up if SEC approves. Listed companies on the new National Stock Exchange must have net worth of $1,000,000, at least 500 stockholders, 150,000 outstanding shares...
...helping to make the Army and Air Force Exchange Service rank in dollar volume below only Sears, Roebuck, J. C. Penney, Montgomery Ward and F. W. Woolworth among retail chains. To maintain its place as one of the U.S. military's greatest fringe benefits, PX branches stock up to 30,000 items, sell everything from underwear to refrigerators-all at cut-rate prices designed for the private who earns only $78 a month, the master sergeant who earns $310. Yet the PX earns money, last year made a $60 million profit on sales of $895 million-and is doing...
...please its customers, the European Exchange System (2,918 branches), biggest of 14 PX districts, has built seven PX drive-in snack bars along West German Autobahnen with such names as Java Junction and Dine-A-Mite. Over the past ten years the European System has nearly doubled its stock of items, which now includes Italian fashions, men's custom-tailored suits, frozen pheasants and ten different brands of can openers. The PX system also includes barbershops, delicatessens, auto parts shops, dry cleaning and laundry service, and shoe, watch and radio repair shops...
Since the end of the 1946-47 period, when 100% margin was required (i.e., stock could not be bought on margin at all), the Fed has cut margins four times. Each time the margin changes had little effect on basic market trends except to stimulate short-term rallies and raise volume...
Many Wall Streeters feel that such "fiddling" causes an unnecessary guessing game about the Fed's intentions. They feel that 70% margin is too high in today's economy, and that with U.S. consumer credit at a record $52.8 billion, too tight a hold on stock credit is unfair. Says Isaac W. Burnham II, senior partner of Burnham & Co.: "To exact 90%, 80% or 70% margin on the world's most liquid collateral-listed securities-is outrageous. The Fed ought to set margins at 50% and leave them there; 50% is adequate protection for customer and broker...