Word: broker
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Merrill Lynch, which has become the nation's biggest broker largely by wooing small accounts, is unenthusiastic about the stock exchange plan. Says the firm's Board Chairman James Thomson: "We would support a moderate increase in rates provided that it is not solely at the expense of the small investor." Thomson believes, as do officials of other well-managed firms, that Wall Street's trouble is primarily the result of inefficiency in some brokerage operations-and not inadequate commissions. William Donaldson, president of Donaldson, Lufkin & Jenrette, is sharply critical of the discriminatory way in which commissions...
...Street like a chill fog. The mood conjured up the grim humor of The Bears of Wall Street Celebrating a Drop in the Market, a 19th century painting by William Holbrook Beard that hangs in the gallery of the New-York Historical Society. In hushed boardrooms, glum customers and brokers no longer spoke about Viet Nam. The topic was the recession and how long it would be before the Administration realized how serious it could become. President Nixon's press-conference avowal last week that no recession is expected came after the market's close (see THE NATION...
...Broker's Role. For all that, the relationship is plainly in need of redefinition. When Harold Wilson saw Richard Nixon in London during the President's European tour last year, he spoke only of a "close relationship." Many Britons feel that their country's new role visa-vis the U.S. should be as a broker, speaking to America on Europe's behalf and vice versa. Perhaps-but the British must remember that Charles de Gaulle drew considerable European support when he barred Britain from the Common Market on the grounds that London was too closely linked...
...hardly criticized at all. He was, in fact, best known for pushing through a massive expansion program, at one point building a new church every 66 days and a new school every 26 days to accommodate the postwar population boom. But his early life as a Wall Street broker and his career as a "brick-and-mortar man" for the church ill-fitted him for the turbulent social issues of the '60s. To the consternation of California liberals, he failed to join fellow bishops in opposing efforts to repeal the state's fair-housing laws...
...Astute Broker. Character Mitchell comments knowingly on his friend's work, which is not surprising because Author Mitchell actually wrote it. Fortunately, he makes no literary claims for it. Instead, the novel is seen as a pathology report on Charles' spiritual trouble, which appears to be a kind of moral onanism. Charles' outrage proves wasteful and leads only to death; similarly, his attack on a corrupt and hypocritical world ends up only satirizing and thus destroying itself...