Word: brokering
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...February 1930, one Wall Street broker had had enough of a good thing, was ready to get out while the getting was good. His name: Charles Edward Merrill. His firm: Merrill Lynch & Co. His fortune: a comfortable eight-digit one. Out of broking, Merrill Lynch continued as an underwriting and investment house, specializing in equity securities of growing chain-store systems. Its babies: Safeway Stores, First National Stores, McCrory Stores, Lerner, Kresge, Western Auto Supply...
...Pierce & Co., whose handsomely pompadoured, soft-spoken Edward Allen Pierce prides himself on operating the largest U. S. security & commodity brokerage chain: 40 offices in 38 cities, linked by 17,000 miles of private wires. To the rest of Wall Street, during the dead markets of recent years, Broker Pierce has been the No. 1 example of conspicuous luxury, operating on a nationwide overhead geared to forgotten two-and-three-million-share days. Ever since Depression II, Street sages have guessed at Pierce's losses, wondered when he would start dismantling offices or throw in the sponge. Last week...
...political terminology, Pierce has been called a New Dealer because of his backing of the 1938 Conway Committee revolt (TIME, Feb. 7, 1938) which purged the Old Guard from Stock Exchange leadership, installed young, earnest Bill McChesney Martin on Sing Sing First Baseman Dick Whitney's throne. But Broker Pierce's merger with an underwriter has little to do with the New Deal, more to do with his notorious optimism. Favorite Pierce dictum: "I'd rather be optimistic and wrong than pessimistic and half-right." But his latest move follows the classic pattern of the late Financier...
...elite game of racquets, nobody seriously disputes the U. S. supremacy of 27-year-old, London-born Robert Grant III (Eton-Harvard-Wall Street). A dark, intent-eyed broker with shoulders that slope as ominously as Joe Louis', Grant can drive a racquets ball faster and more tellingly than any other racqueteer. In the last three years he has cornered the vaunted Tuxedo Gold Racquet, U. S. amateur and open, Canadian singles and both U. S. and Canadian doubles (with Clarence C. Pell Jr.). U. S. racqueteers predict that Grant will handily win the world's open championship...
Smithtown Branch, L. I. physicians hoped they would not have to amputate the left foot of Alden Sanford Blodget, Manhattan broker, husband of Monologuist Cornelia Otis Skinner. Mr. Blodget dislocated and fractured his foot when he whacked into a wooden fence while bobsledding with his ten-year...