Word: stocking
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Dates: during 1970-1970
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Bryce Harlow, Counsellor to Nixon, could have the job if he wished, but his former employer, Procter & Gamble, wants him to return as a lobbyist. At 54, Harlow has his stake in Procter & Gamble's retirement fund, and profit-sharing and stock-option benefits. Other possibilities are Texas Congressman George Bush, who was defeated last month for the Senate, and Kansas Senator Robert Dole. Nixon's choice will indicate to what extent the White House will control party affairs going into the next election. Bush, for instance, would demand a strong voice for the committee. Dole might...
...major historical sites in lower Manhattan is Fraunces Tavern, located three blocks on Broad Street from the New York Stock Exchange. A typical Georgian Colonial tavern, it is the location of Washington's farewell to his troops in 1783, as a sign proudly proclaims. There is one problem. The building was constructed from scratch...
Haack had suggested the eventual scrapping of one of the Big Board's most cherished principles: that all member brokers must charge the same commissions on stock trades. The rule originated in 1792, when 24 brokers met under a buttonwood tree in downtown Manhattan to found the organization that later became the exchange. They agreed, among other things, not to try to undercut one another's commission rates. Ever since, the fixed-commission system has been generally viewed as essential to the Big Board's existence...
...well known that the New York Stock Exchange has had to scramble desperately to arrange mergers for some brokerages threatened with collapse -but FORTUNE this week discloses how far the N.Y.S.E. had to go in one case that its officials tried hard to keep secret. Newspaper stories had disclosed that the exchange earlier this year lent Hayden, Stone $5,000,000 out of a special trust fund earmarked for investor indemnification. The attempt to keep the firm afloat failed, and Hayden, Stone was later taken over by two other firms, Walston & Co. and Cogan, Berlind, Weill & Levitt...
FRANKLIN D. ROOSEVELT called the presidency of the New York Stock Exchange "the second toughest job in the world." The present big man at the Big Board takes a similarly large view: "My job is to move these people into the 21st century." Yet neither the personas nor the performance of Robert William Haack seemed grandiose-until last week. Quiet spoken, looking younger than his 53 years, sometimes awed by the satraps of the Street, Haack had come across as more the manager and conciliator than the innovative leader. Unlike his predecessor, G. Keith Funston, who served the exchange...