Scrapbook 3: Share Deals by Telstar

SHARE DEALS BY TELSTAR

PARIS TO NEW YORK

By Our City Staff

For about 20 minutes yesterday afternoon Telstar, the American communications satellite, was used to transact Stock Exchange business between Paris and New York.

A French order to buy 100 shares in American Telephone, the makers of Telstar was sent from Paris to New York. Details of the deal were transmitted back to Paris.

The first deal was done at 3.33 p.m. and was executed in less than one minute, the report back being transmitted a few seconds later. It was followed by other orders, involving nearly 2,000 shares, by French personal investors and banks to buy shares quoted on the New York and American stock exchanges and from American investors for French securities.

The deals were done by telephone call between the chairman of Merrill Lynch, Pierce, Fenner and Smith Inc., the American broking firm, and its Paris office.