Word: stocking
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Dates: during 1970-1970
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...firm with this kind of capital can quickly tumble into serious difficulty. Hayden, Stone, for example, borrowed nearly $18 million in stock from some Oklahoma investors last March. Some of it consisted of shares of Four Seasons Nursing Centers, which later filed for bankruptcy. Hayden, Stone's capital has been further reduced by declines in the value of other borrowed shares. The firm has chopped salaries, cut back its staff and branch offices and sought refuge by negotiating for a merger with Walston & Co. Before that deal is consummated, Hayden, Stone may have to find an estimated...
Similarly, Dempsey-Tegeler arranged last March to borrow $7,000,000 from Denver Oilman John McC. King. The loan consisted of stock in King Resources Co., which explores and develops oil and gas prospects. As those shares plummeted, Dempsey-Tegeler fell apart. Last week John King was also in financial trouble, and he resigned as chairman of both King Resources and the Colorado Corp...
...bail out floundering brokerages ?and back up its boast that, since the 1930s, "no customer has lost money through the failure of a member firm" ?the New York Stock Exchange has raised a rescue fund by assessing its members. When a brokerage fails, the exchange draws on the fund to pay off the creditors, mostly bankers. Brokerages commonly use customers' margin stock as collateral to support bank loans. The danger to investors is that, if a firm fails and the exchange's trust fund runs out of money, banks will hold on to the stock of the margin...
...funds can be influential in promoting change, if only because they are among the biggest customers of both the stock exchanges and brokerage houses. One reason for the success of mutual funds is that brokers and bankers also sell fund shares. Dreyfus markets its shares entirely through brokers?and pays them a handsome 81% commission. That gives Howard Stein considerable clout when he says: "The big issue is whether the financial community in general, and the stock exchanges in particular, are going to remain clubs. We have to open them up, encourage new blood and turn them into institutions that...
...first real job, at 75¢ an hour, loading steel onto trucks for a metals firm; he rose to become personnel manager for the same firm at $100 a week. "I got to know the executives," Stein says, "and they were always talking about the stock market. I didn't know what it meant, really, but I became interested." He began to hunt for a job on Wall Street, but without success. "They wanted salesmen, and they said I wasn't a salesman." Through a friend he was finally hired as a trainee at Bache & Co., where he soon noticed that...