MANCHESTER LJ.S./WORLD SPORTS Moffett claims Israelis honor Huskies hang on he’d lead better freed dissident to top Pittsburgh Broker should send certificates ... page 3 ... page 9 page 11 Q U E S TIO N : M y stocks are held by a large brokerage firm in street name. My accountant tells, me this is imprudent, since m y broker could steal m y ; stock and I would be out money. What are your* I n v e s t o r s ’ feelings about the safety of street name accounts? G u id e A N SW E R : Although it would be naive to say that_ stocks could never be stolen by a broker, street name - William A. Doyle accounts have to be counted as safe. There are all kinds of safeguards against such theft. All that you have to do to be absolutely certain., I m nothing is missing from your account is check your ifflanrhffilrrWanchester — A City of Village Charm HrralJi holdings in the monthly statements that brokerage ANSWER: Unless there are some unusual circum­ QUESTION: My husband and I own 100 shares of firm send you. stances you didn’t mention in your letter, there’s no stock, which is being held by a brokerage firm . We good reason for the long delay in obtaining your have never received the certificate and have nothing QUESTION: My broker suggests I leave all my certificates. to show we own the stock. I have to telephone the stocks and bonds with his firm. He says they will be WeiJnesday, Feb. 12, 1986 25 Cents When you buy stock in the marketplace, the person brokerage to remind them to send the dividends. just as safe as my safety deposit box, heavily insured who has sold the shares you bought delivers the When I told our broker we would like to receive the against loss and I wouldn’t have to worry about losing certificates to his or her broker, who sends them to certificate, he said that would involve a lot of work and interest if my bonds are called for early redemption. your broker. From there, the certificates go to the that we should leave it as is. Is this normal procedure? The brokerage firm does not charge for this service. stock’s transfer agent, who issues a new certificate in AN SW ER ; Leaving stock with a brokerage firm , in With all the paperwork and cost of sending me Panel sits on a powder keg your name, back to your broker and on to you. That takes some time — normally two or three what’s called "street name.” is normal for people who monthly statements, etc., why would they do it at no weeks — but three and a half months is ridiculous. like that arrangement. But, since you want your stock charge? Dar Roberts You’ve made it clear to the broker you want certificate, you should get it. There’s, not "a lot of possession of your certificates. You should have work” involved in having the certificate registered in AN SW ER : Maybe because you’re a pood customer Members see success despite atmosphere received them long before now. your name and delivered to you. who buys and sells securities frequently, thereby Tw o become opticians Your statement about getting “ part payment" of a You say you "have nothing to show” you own the generating commissions. And, most likely, because stock. There’s something wrong there. You should the street name account will include a “ hypothecation - Commission Tuesday night by the Supreme Court Justice Charles S. the politically charged atmos­ Philip H. Gordon and Dar A. Roberts of the dividend on your 200 shares further muddies the By Alex Glrelll receive monthly or, at least, quarterly statements agreement.” allowing the brokerage firm to lend out Board of Directors. House and former Mayor Nathan phere surrounding the question. Optical Style Bar have become licensed waters . You should order the broker to send the rest of Associate Editor from the brokerage firm, listing all securities and the securities you have in the account. The brokerage Commission member Jay Ru- Agostinelli. ’’■You can’t always divorce politi­ opticians. that dividend to you. money in your account. can earn money on that deal. Five members of a commission binow, a former superior court The nine-member Charter Revi­ cal considerations from charter Gordin, a native of Manchester and a 1979 It’s time for you to do some desk-pounding at that When you instruct the broker — loud and clear — to judge, said the charter review sion Commission was appointed to questions,” he said. graduate of Manchester High School, began brokerage office. If that doesn’t produce results, take appointed to consider the politi­ have the certificate sent to you, also make sure you Doyle welcomes written questions, but he can procedure is ’’simply part of the consider changing charter provi­ House said there m ay be differ­ working at Optical Style Bar immediately after your complaint to the Securities and Exchange cally explosive question of consoli­ get a check for any cash in your account. provide answers only through the column. sions that prevent consolidation of ences of opinion that are not graduation as an apprentice optician. After Commssion. dation of the town and Eighth democratic process.” ” We’lI conduct our hearings anti the town and the independent politically motivated. When the completing four years of appfb^ce -tfaining, Utilities District said today that make our decisions.” he said utilities district, which provides current council-manager form of including dispensing eyeglasses and fitting they will be able to consider the government was adopted, many contact lenses, Gordon passed the National question reasonably despite the today. fire protection and sewer service strong emotions surrounding it. Besides Burns and Rubinow, to much of Manchester’s north people regarded the question as 2 Contact Lens Exam and American Board of Pitney Bowes gets ready members of the commission ap­ non-political, he said. Opticianry Exam. “ I don’t want it to be an end, without the separate consent pointed by the Democratic Party Roberts came to the Optical Style Bar in 1981 emotionally superdiarged battle. I of district voters. The appoint­ ’’That’s the way I regard the include former Director Eleanor after spending several years as an optical don’t think it has to be that w ay,” ments came after Geoffrey Naab, current question.” House said. Coltman, former school board laboratory technician for Bausch & Lomb’s to battle takeover attempt said commission member Amy a prominent local Republican, The commission will be con­ Chairman John Yavis and Beldon criticized changes in the Republi­ opthalmic division in Rochester, N .Y ., and in Bums, vice chairwoman of the cerned with what is best for the Democratic Town Committee. ■ Schaffer, executive director of the can choices for the panel. Connecticut. STAMFORD (UPI) — Pitney Bowes Inc,, record March 18. town, House said, adding that be Bum s added that she was | Institute for Public Service. House, one the the original Originally from Iowa, Roberts moved to New shortly after announcing a 10 percent The takeover defense would be triggered has an open mind about the looking forward to working with The Republican appointees are drafters of the Town Charter, said England in the early 1970s. He came to the Optical increase in its quarterly dividends, declared if there is a public announcement that an consolidation issue, one that has the other eight people unanimously Wallace Irish Jr., former Director this morning he did not think it Style Bar to complete the apprentice training a takeover defense in the event that another entity has acquired 20 percent or more of the appointed to the Charter Revision Vivian Ferguson retired state would be difficult to deliberate in Please turn to page 10 necessary for licensing company attempts to acquire the firm. company’s common stock or has made or George B. Harvey, chairman and presi­ intends to make a tender offer which would Mazur named chairwoman dent of the Stamford-based corporation, give that person or group beneficial said Monday the takeover defense was “ to ownership of 30 percent or more of the Lynn E. Mazur has been named local assure that all Pitney Bowes stockholders common stock. chairwoman of the National Association of receive fair and equal treatment in the event The defense would become exercisable 10 U.S.-Filipino ties to stay intact Women in Construction's Occupation. Research of any proposed takeover of the company, days after such an event and would entitle and Referral Committee by the chapter and to guard against partial tender offers stockholders to buy one one-hundredth of a president. and other abusive tactics to gain control of share of a new series of junior participating Bv Ira R. Allen The committee researches available construc­ Pitney Bowes without paying all stock­ preferred stock at an exercise price of $175. United Press International tion industry jobs and conducts a no-fee referral holders a control premium .” The company said it can redeem the service for member and non-members. “ We are not aware of any such effort,” purchase rights at five cents per right at any WASHINGTON — President Reagan says he will Reagan Press Conference NAW IC is a professional construction industry Harvey added. time before a 20 percent position has been recognize whichever government emerges from the association with membership open to any woman Earlier in the day, the business equipment acquired. fraud-tainted election in the Philippines because ” I who is employed in construction or a and financial services company announced If Pitney Bowes is acquired in a merger or don’t know anything that’s more important” than Philippines construction-related industry .