Word: traders
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Among the nightmares that might disturb the sleep of any professional stock trader is the vision of seeing himself replaced by a computer. The fear is real, even if the prospect is not immediate. Computers could easily match buyers' bids and sellers' asking prices, record deals and make entries in the accounts -at least for routine transactions. On the nation's stock exchanges, however, securities are still bought and sold in face-to-face auctions, partly because of the entrenched interests of their members and the encrusted practices of history...
...recommendation must have a death wish." Added Gustave Levy, senior partner of Goldman, Sachs & Co.: "I understand their fears, but they're acting too precipitately." Levy's remark drew a fast rebuke from Managing Partner William R. Salomon of Salomon Bros., the bond house and big block trader. "The vote in the special committee was 16 to 4," said Salomon. "If Levy wants to dissent he should resign from the committee. Everyone seems to be forgetting the public interest...
...which prints out a list. If a buyer spots an offer he wants, he can instruct the computer to connect him with a potential seller to dicker over the terms. To preserve the coveted anonymity, both parties are identified only by coded numbers. A deal is closed when a trader pushes the teletype's "accept" button. Instinct began operating last December, and this year its 25 subscribers (mostly banks) hive made 500 trades involving 1,600,000 shares of stock. The fees often amount to only one-third of the commissions on the Big Board...
...this summer A McDonald's opened. This was such a monumental event that my brother and two friends slept outside McDonald's on the eve of its grand opening and were rewarded with the first three hamburgers. Their picture was on the front page of another area newspaper, Patent Trader, and the local radio station taped an interview. They were heroes. It created even more excitement than the visit of Ronald McDonald two weeks later...
...almost think that there was nothing going on there. But that's ridiculous. Who could forget, if he ever learned of it, the results of the First Baby Contest two years ago? Patent Trader sponsors a contest for the first baby born in the new year at our hospital. Local merchants present the mother everything from trading stamps to a pet monkey. So imagine everyone's surprise when an unmarried 15-year-old girl won that race early one January 1. She apparently turned down all the publicity-including the traditional front page picture-and the first married mother walked...