The Los Angeles Times from Los Angeles, California on April 16, 1969 · 68
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The Los Angeles Times from Los Angeles, California · 68

Publication:
Location:
Los Angeles, California
Issue Date:
Wednesday, April 16, 1969
Page:
68
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lBlt fir.rtlrf Ctert fart CWWed., Apr. U,m Amex Plans Huge Trading Capacity Hike NEW YORK UV-The American Stock Exchange announced Tuesday a major expansion of automation facilities to increase dramatically daily trading capacity and help eliminate the paperwork logjam. ". The objective is to increase the clearing capacity of the exchange and the National Over-the-Counter Corp. from 18 million shares to about 40 million shares a day, the Amex said. The exchange said it already had initiated ac tion to implement expansion of the clearing operation on a step -by -step basis. The exchange's enlarged computer complex will: 1 Broaden NOTC clearing services to include 1,000 members (now 200), handle 15,000 OTC security issues (now 3,000) and handle up to 40,000 trades daily (now 10,000). 2 Establish a nationwide computerized service to reduce "fail" problems where the broker fails to deliver the shares in the required period of time and "DK" snafus where a trade is made but the record is misplaced by the brokerage firm, in the OTC market. The over- the-counter market, super- vised by the National Assn. of Securities Dea lers, handles primarily the issue of smaller and less developed companies, with trades made from broker to broker rather than through an exchange. 3 Provide for the even tual linkup of exchange-NOTC clearing facilities and the national clearing operations of the National Assn. of Securities Dealers. 4 Increase other automated services, including more sophisticated sur veillance and stock watch operations. A key feature of the expansion program will be the introduction bv the exchange and the National OTC Porp. of & computerized I comparison service for fK!is outside of New Yorklity which trade with NOTC members here. Out of town trade informa tion would be transmitted to New York where it would be computer- matched. PARVIN Continued from 8th Page of relationship here. Coleman bought 300,000 of 1.2 million outstanding shares of Parvin-Dohr- mann last October and was approved for a state gambling license last De cember. He resold 143,000 shares. and the American Stock Exchange suspended trad ing In the stock for two days last March because Coleman didn't immedi ately reveal the deal. In a statement from the company's Los Angeles headquarters, William C. Scott, Tarvln-Dohrmann president, said h had been notified of the Neva da Gaming Control Board's action, lie also said that if KOF Funds complies with the board's request, Tar vln-Dohrmann will meet with Nevada earning au thorities In art attempt to thing their position on further rtrcntution. rirvln Dohrmann has been polng through a series of changes recently. In January of thU year Albert H. Farvm alfrpM down as president and Harry a. Goldman rc-ilgned as thalrman. Both men soM their Inte rru in lh company to Coleman, former head of Seebura Corp., which la now part or commonwealth united Corp. of Beverly ItilU. After hit itock mirthant. Coleman came chair man and Scott, a former partner in the ormmi nt firm of Arthur Andenen ft Crt . if ami rrtf ide nL Then in April Coleman mil the Ml. wto rarvin lharr it ftW, ll ti Md 10.ro) htt l ChL tan and ruvrrl Itilti attrtrney Sidney ft Kor an ani Ftrnhm I dotn Corp. of Nw York. P.ono Harts 19 TINS Con, of O-.n-ajM and fi frt) In Atln ACa a New York lntt- 9 wen n m O fl q M -tf o From Los Angeles : 9 flights daily to New York (6 to Kennedy, 3 to Newark) On every flight, you'll get all the things you fly United for: the great meals, the warm service, the latest color movies, the stereo, the Extra Care every mile. "Our service? Ballooning." Films by Inflight Motion Pictures v ""the friendly skies United. f - if' ' ' 4 t f , v - - - ' L ?H'' v . " Fv , 3 ' ' ' '' ' :" -

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