Word: broker
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After years of being described as "We, the People," the Wall Street brokerage house of Merrill Lynch, Pierce, Fenner & Smith decided to live up fully to its nickname. Merrill Lynch had made itself the world's biggest broker-with 152 worldwide branches, 526,000 account holders and $900 million in assets. Last week, breaking the traditions of a clubby business in which firms are customarily held by only a few partners, Chairman Michael McCarthy, 60, announced Merrill Lynch's intention to sell its shares to the public if he can get the New York Stock Exchange to approve...
...headed by Francis' son, Edmond du Pont, 57, the firm long ago broadened its sights beyond Wilmington, can use Allyn's brokerage network to expand even further its fast growing business. The move will strengthen du Font's position as the nation's second biggest broker but, with $300 million in assets, du Pont will still be only one-third as big as Merrill Lynch...
...their pockets stuffed with string-tied wads of 500-and 1,000-cruzeiro bills. One effect of the new bills was to send the sinking cruzeiro into another downspin, from 850 per dollar to more than 900. " The new 5,000-cruzeiro notes," said a harried Rio exchange-currency broker last week, "are already obsolete." He is so right. Before the Brazilian Congress is a new proposal to authorize 10,000-cruzeiro bills...
...Australian, Belgian, Greek, Italian, Peruvian and Spanish ambassadors to the U.S. were among the 800 or so guests attending Newport's top summer spectacular: the debut of winsome Janet Jennings Auchincloss, 18, daughter of Investment Broker Hugh D. Auchincloss and half sister of Jacqueline Kennedy (who sent a bouquet, insisted the party go on despite her own recent tragedy). The Auchincloss estate, Hammersmith Farm, was done up in Venetian style, with colored lanterns, a pink marquee on the lawn overlooking Narragansett Bay, Meyer Davis' orchestra in gondolier garb, gondolier hats for the young men and golden masks...
Last week Pat McGinnis' railroading career came in for more criticism-this time from the law. A Boston federal grand jury indicted McGinnis, B. & M. President Daniel A. Benson, Vice President George F. Glacy and a railroad equipment broker named Henry Mersey, charging that they had engineered kickbacks in the sale of B. & M. surplus cars. In 1958, the indictment charged, another railroad broker offered $500,000 for ten passenger and baggage cars that B. & M. wanted to sell. Pat McGinnis blocked the sale. Instead, the B. & M. sold its cars to Mersey, whose office is in the same...