Word: blyth
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Dates: during 1970-1979
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...advent had been ominously labeled "Mayday" (TIME, April 28). Yet Mayday came and went with few surprises. Some firms raised commissions to small investors. Merrill Lynch, Pierce, Fenner & Smith, the industry's leader, increased rates an average of 3% on orders of up to $5,000. But Blyth Eastman Dillon held commissions at present levels for small investors, trimmed them by 8% or more on larger deals for institutional clients. Bargain brokers popped up; one advertised commission cuts of 75% on "all but the smallest trades...
...When Blyth & Co. Inc., the brokerage firm for which he worked as a $25,000-a-year portfolio manager and drug-industry analyst, was merged in 1972 with Eastman Dillon Union Securities Inc., Hannafin lost his job. Like thousands of other Wall Street refugees, he is seeking work and failing to find it as more securities firms cut their staffs, merge or fold...
Other brokerages also are scrambling for survival. Last month, Blyth Eastman Dillon broke off merger talks with Paine, Webber, Jackson & Curtis, then promptly closed ten of its 55 branch offices and fired 350 employees. Hayden Stone Inc. and Shearson, Hammill are preparing for a merger by Labor Day; reports are circulating on the Street that as many as 1,000 employees will be laid off. Perhaps 100 other firms are talking merger, and the best guess as to how many more Big Board brokerages will merge or liquidate by the end of the year...
...Capetown when his titanium mainmast collapsed. By radio, Tabarly ordered a new spar. Under jury rig, he headed for Rio, 1,200 miles away, to pick it up. The 82-ft. mast, fabricated in Switzerland, had to be cut in two to fit into a French military jet. Meanwhile Blyth, a former paratroop sergeant, was learning that $350,000 worth of sleek boat does not necessarily go fast when manned by a crew of paratroopers with little sailing experience...
Adventure Training. There were few amenities to relieve the boredom of chasing an empty horizon for 6,000 monotonous miles. Captain Blyth, as if emulating Captain Bligh, kept comforts to a minimum, removing heaters and fans, feeding his crew on army rations, and limiting them to one fresh-water bath every ten days. "If the men get too comfy down below," he insists, "they won't want to come up on deck to work." On some other boats, living has been easier, with quarters outfitted with stereos, soft chairs and well-stocked freezers...