European Stars And Stripes (Newspaper) - June 8, 1985, Darmstadt, Hesse                                Page 16 the stars and stripes june 1985 and the al night Stock by Chet Currier associated press ii businesses like supermarkets and Gas stations can remain open 24 hours a Why not the Stock Market that the question now under study at the new York Stock Exchange and the subject of a Lively debate among publicly traded Wall Street investors and practically everybody else who has an inner Cal in the securities the the worlds largest Market for has operated for the past decade from 10 to 4 Hallern time each business it last changed its hours in when the close of trading was extended from since the investment world has been greatly Money flows in much greater amounts in and out of stocks from Remote Lime in Europe and the far buying and Selling of nys listed stocks on regional exchanges Are now along with big Board on a single consolidated ticker one of those the Pacific Stock Exchange in san remains open a half hour after the close in new the nose also faces Competition from the National association of securities dealers overt counter mar where stocks Are traded by competing dealers rather than a designated specialist broker on an Exchange with deregulation of the securities Independent firms like los  Jeff cries can bid and sometimes big transactions that would otherwise be handled at the there is considerable pressure on the 193yearold institution to adjust to the changing investment we have the Choice of being the Leader or a Follower on and we want to be the said Richard the exchanges vice president for comm new York times photo brokers in action on the floor of the new York Stock the Mere mention of 24hour trading raises cries of alarm from brokerage whose managers envision enormous additional costs connected with around Hemlock operations without a corresponding in crease in leaders in the which employs some Are extremely Cost conscious because of Wall streets Lestha Bountiful year in they is going to Trade stocks at 2 the new York Exchange has begun talks about a possible merger with the Pacific Stock and has discussed some sort of linkup with the Stock Exchange in the idea of a new Yor Pacific merger faces at least one major traders at each institution worry they might lose some of their business to their counterparts at the in the new York and London exchanges operate under different governments with different regulatory John Phelan chairman of the big has spoken of an around the clock Stock trading system As Torrenzano its not a matter of its a matter of but handicappers on Wall Street Are betting that assuming it does is a Long time off several at at the american Stock a smaller neighbor and rival of the nose that Likely would follow what Ever moves the big Board an official who demanded anonymity while we arc not opposed to 24hour we dont think it is very in the near Many Wall  the most probable development is the adoption of an earlier opening time either 9 or at most brokerage the staff is already there at eight or said Elaine an analyst who follows the securities Industry for value line investment the nations largest Independent in vestment advisory Many Wall streetcars like the idea of opening earlier because european whose business Day runs several hours ahead of new have shown heightened interest in the markets in recent Torrenzano said a decision on a possible earlier open ing May be made As Early As this pending regulatory Edward president of the securities Indus try a Trade group of brokerage said there is a desire to Experiment with a Little bit longer trading if that and i do believe it then we might Sec a gradual foreign service personnel squeeze by Maureen Santini associated press about 100 foreign service some in their May find their diplomatic Ca Reers abruptly halted next year As they Are forced into Early retirement because there Arent enough promotions to go these Are Good solid performers and its coming As something of a Shock to said Dennis president of the american foreign service the Union of career these Are not the the problem is the foreign services new retirement system that was designed to make Way for upcoming hotshots by reducing the number of senior officers in a system that had been criticized As top but no one knew it would work out quite this under the if a career Diplomat does not win a promotion into the senior ranks within six he or she is retired it is the Diplomat who decides when to begin the six year once he or she has reached the top of the Middle about 150 officers began the process in the first year the new system was in based on educated assumptions about what the promotion rate would be in the coining six most of them to a Bright Ive got a Good i might As Well Lake a Chance and get promoted really fast because theres no Way there going to let me go because in too said the trouble there arc 150 other Guys who have said exactly the same and not All of them Are going to be they literally just cannot get across the threshold because promotion rates have been appreciably lower than they were at the time these peo ple made this he the rates have been 30 percent to 40 percent lower for several reasons the Large number of political appointees from the White House who arc Given diplomatic less voluntary attrition than anticipated and an increase from 60 to 65 in the mandatory retirement most of the officers vulnerable to mandatory retire ment Are coming to the end of their six year window in those who began the process after 1981 saw what was going on and they were timing themselves a Little Hays the system is based on vacant said William Bacchus of the state depart ments personnel theres got to be a vacancy at the next level before you can promote however Good they so if people dont you dont have As Many openings at the that really what has set this unlike the civil service where employees May re main at one Grade level the foreign serv ice requires people to resign if they Haven been promoted in a certain number of the average retirement age is 56 with 28 years of and that can include any military offi cers May retire after 20 years at 42 percent of their Bacchus acknowledged the dilemma of choosing be tween saving the jobs of older foreign service officers or making Way for younger we recruit at a pretty he we get a lot of we have enough problems As it is moving them up As quickly As we would like so that they get responsibilities that Are commensurate with their a lot of the ones that leave the system Are the ones wed most like to if were not going to be Able to promote them there going to you or i would probably do the same thing if we Felt we were thwarted and bottled so the Trade off is keeping the people at the More senior Levels who May not be the strongest at the Cost of bottling up the system which Means the next generations hotshots May not be there when you need its an excruciating yet he said the department is sensitive to the plight of the officers caught in the 1986 it is a new Bacchus its got several features which Are tougher ones and we always knew we would have to look at these new features very carefully to make sure they work the Way there Hays said the Union was working with management and affected officers to come up with a sys tem whereby we can preserve the Basic concept of the which is that we want a lean not too lean service that is appropriately graded and and yet realize that these people still have a lot to