Securities Panel Probes Stock Costs in Open Hearings
Washington AP reports the SEC opens rare public hearings to examine minimum fee structures on stock transactions. Staff from the New York Stock Exchange will be questioned about how major exchanges set buying and selling costs and how fees are split among brokers.
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Economic Slackening Predicted By Panel Of Economists
Washington AP reports a business panel foresees the U S economy slowing in the second half of the year. Six economists spoke at a Chamber of Commerce outlook, noting credit demand may stay strong and inflation and balance of payments issues keep the Fed tight on credit until tax changes curb growth.
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Margin rules cover stock purchases not bank loans secured by stocks
Reader asks if higher Fed margin requirements affect business loans by collateral. Answer: no for loans where stock is collateral, as long as loan proceeds aren’t used to buy more stock. Margin rules apply only to buying stock on credit, not to collateral loans.
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Auto Firms Refuse Debate With Nader
Washington reporters note Senate investigators criticize General Motors and Ford for refusing a face to face debate with Ralph Nader. The Small Business Committee had planned a confrontation at hearings on giant corporations. The proposed discussion would focus on competition and related issues among major auto makers.
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Mixed Stock Prices Amid Active Trading In New York
In a broadly mixed session on Wall Street, shares were uneven with gains for some industrials and declines for others. Major automakers faced pressure as investors weighed regulatory and safety concerns linked to a broad US inquiry, while Chrysler and American Motors showed mixed results and airline stocks fluctuated.
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Stoker The Broker and Defense Profit Claims in GA/Dynamics
Government and General Dynamics discuss a $107.4 million letter contract not fixed cost. Spokesman says profits margins undisclosed while negotiations aim for a lower price. Pentagon orders raise concern in Congress as six submarines under a $214.8 million program push costs to about $35.8 million.
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FTC may ban cigarette ads on radio and TV Newsweek reports
The Federal Trade Commission is expected to issue a report this week urging a ban on cigarette advertising in radio and television, Newsweek says. The proposed rule would end about 250 million dollars annually in tobacco industry ad spending. See related notices and obituaries amid mixed text.
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