Word: stocking
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Dates: during 1970-1970
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THAT Wall Street must undergo fundamental reforms if it is to survive as the securities-trading capital is almost universally accepted. Woe to him, however, who tries to translate broad truism into specific truth. Robert Haack, president of the New York Stock Exchange, discovered the danger last week when he proposed some basic revisions in exchange rules. Though some members supported him, many reacted as if he were ordering tumbrels to convey them to the guillotine. Among the insults flung at him were "panderer," "out of his mind" and "he makes me sick." Bernard Lasker, chairman of the N.Y.S.E. board...
...review of Harvard's investment record over the last decade reveals a rather dismal performance. Over the period 1965-1970 the market value of assets depreciated about ten per cent. During that period the popular stock market indices increased, and many private money managers realized substantially greater gains. The Corporation's review of its endowment indicates a preoccupation with yields, continually stressing that interest income has risen. This preoccupation is further evident in the one-third holdings in bonds and the concentration of equity investments in large oil, utility, and auto stocks. This concern over yields misses the point...
Displaying unshakable confidence, Crone recovered from early miscues and played the final three-and-a-half quarters as if he owned stock in the Harvard football team...
...vice president in charge of construction for TraveLodge Corp., he helped build more than 300 motels. He tired of duplicating TraveLodge's basic pattern, and in 1965 assembled three fellow employees and $50,000 to build his own motels. All four founders have since become wealthy, mostly through stock options. Counting splits and stock dividends, the shares of Royal Inns have multiplied 19 times since the company was founded. This week the shares will be traded for the first time on the American Stock Exchange...
Pornography's outsize profits are attracting many investors. Stock in Grove Press, a pioneer publisher of salacious books and U.S. distributor of foreign sex films, is now sold on the open market. Trading is scheduled to begin next month in the shares of another purveyor of erotica, Olympia Press; its latest skin flick, Barbara, cost $32,000 to make, grossed $ 11,700 in its second week in Manhattan and is scheduled for national distribution...